Defendant to plead guilty in connection to fraud scheme
The son of the owner of failed Valley Investments is scheduled to plead guilty today to charges connected to the company’s collapse.
Philip Rand Lochmiller, who worked for the company owned by his father, also Philip Rand Lochmiller, was to have pleaded guilty on Friday, but missed his flight to Denver, the U.S. Attorney’s Office in Denver said.
Lochmiller faces as many as 15 years in prison, based on the plea agreement he reached with prosecutors.
The trial date for the elder Lochmiller has been moved back to February.
Another Valley Investments employee, Shawnee Carver, is to plead guilty in connection with the collapse of Valley Investments on Thursday.
A motion by the U.S. Attorney’s Office to conduct the elder Lochmiller’s trial in Grand Junction is pending.