Embattled mortgage broker loses license
Philip R. Lochmiller’s mortgage-broker’s license was suspended Thursday, according to a state Web site.
Lochmiller’s license is set to expire Jan. 25.
A spokesman did not respond to an e-mail inquiry about the suspension, but investors in Valley Investments, 1445 N. Seventh St., said they had filed complaints with the Colorado Division of Real Estate about Lochmiller.
Valley Investments is owned by Philip Rand Lochmiller Sr., and his son, Philip R. Lochmiller Jr., worked there.
The Real Estate Division, however, does not identify whether the license holder is senior or junior.
Another branch of the Department of Regulatory Agencies, the Colorado Securities Commission, interceded earlier this year to have Valley Investments placed in receivership.
The FBI is continuing to investigate Valley Investments, which a receiver said operated as a Ponzi scheme that took as much as $35 million from people who bought land in manufactured-housing developments in Colorado, Utah and Idaho.
Philip R. Lochmiller Sr. served three years in prison after pleading guilty in California to securities fraud.