GRAND JUNCTION, Colo.—The first distribution of money from Valley Investments will amount to a tiny fraction of the amounts lost to jailed businessman Philip Rand Lochmiller.
The first payments came to less than 1 percent, but officials say more money could be paid back once accounts are settled.
The Grand Junction Daily Sentinel reports ( ) investors pumped more than $30 million into Valley Investments on promises by Lochmiller of returns of up to 16 percent. Lochmiller told investors he was putting their money into affordable-housing projects in Colorado, Utah and Idaho.
Instead, the money was used for interest and principal payments to others. The money was also used for personal expenses. Lochmiller was sentenced to 33 years in prison after he was convicted of fraud charges.
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Information from: The Daily Sentinel,
