Pittance paid to victims of Ponzi scheme

The victims of a 2009 Ponzi scheme will see pennies on the dollar, but they will get something back, the attorney appointed by the court to handle assets of Valley Investments said.

Grand Junction attorney Kirk Rider said all seized assets of Philip Rand Lochmiller Sr. and his company have now been liquidated, and checks will be issued next month to his victims.

Lochmiller was convicted in federal court in 2012 on 31 counts of conspiracy, money laundering conspiracy, money laundering and mail fraud. He was sentenced to 33 years in prison.

Lochmiller's Grand Junction-based Valley Investments, formerly known as Valley Mortgage, purchased land around the state and in Utah with financing provided by sellers through "owner-carry" arrangements. The company, headed by Lochmiller Sr., then advertised in local newspapers for investors, eventually attracting about 400 of them who together invested about $30 million.

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