Pair Sent to Pokey for MH Ponzi Scheme

Kjct8 reports from Grand Junction, Colo. that Philip Lochmiller, Jr., and Shawnee Carver were sentenced to federal prison for their role in a real estate Ponzi scheme that defrauded over 400 people of at least $30 million. Lochmiller is the son of Philip Lochmiller, Sr., who was convicted in July of mail fraud, conspiracy, money laundering conspiracy, and money laundering for engineering the scheme using manufactured housing sites that he claimed would earn investors 10-18 percent return. Valley Investments allegedly invested the money in developing subdivisions for MH, and stated the large returns were due to selling the homes and homesites together. In fact, funds were distributed to previous investors, and to pay for personal expenses. Lochmiller, Jr., had earlier pleaded guilty to conspiracy to commit mail and securities fraud and for money laundering. He was handed an eight-year sentence. Carver was Lochmiller, Jr.’s personal assistant and pleaded guilty to conspiracy to commit securities fraud and mail fraud. She received a two year sentence. Both must serve three years of supervised time following their release from prison. A hearing is pending to determine the amount of restitution the defendants must pay. Lochmiller, Sr., faces up to 55 years in prison and millions in fines when his sentencing is set.

(Photo credit of P. Lochmiller, Sr.:  Channel 5 News)

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