According to the U.S. Attorney's Office, on Thursday morning a jury in federal court found Philip Lochmiller, Sr. guilty of all counts, including conspiracy, money laundering conspiracy, money laundering and mail fraud.
The case stems from a fraud Lochmiller and others perpetrated while operating Valley Investments in Grand Junction.
The guilty verdict was the result of a ten day trial before U.S. District Court Judge Philip A. Brimmer. The U.S. Attorney's office says the jury deliberated for three hours before returning their verdicts. No sentencing date has been set, but that hearing will take place in Grand Junction. Lochmiller is scheduled to be back in U.S. District Court in Denver on October 27, 2011, for a hearing on victim losses and restitution. He remains free on bond pending sentencing.
Shawnee Carver pleaded guilty last year to conspiracy to commit securities and mail fraud as part of an investment fraud scheme that federal authorities say involved millions of dollars. Philip Lochmiller Jr. pleaded guilty to charges that included money laundering.
Authorities say Carver was hired by the Lochmillers in 2005. Prosecutors say she assured investors that Valley Investments was doing well even though she knew that real estate supposed to secure the investments was already encumbered.
The U.S. Attorney's office states that this prosecution is part of President Barack Obama?s Financial Fraud Enforcement Task Force. President Obama established the inter-agency Financial Fraud Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes.
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