Federal judge to hear Valley arguments Thursday
U.S. District Judge Philip Brimmer on Thursday will hear motions in the criminal case against the owner of failed Valley Investments, including one to conduct the trial in Grand Junction.
Brimmer will hear the case at 10:30 a.m. in the Wayne N. Aspinall Federal Building, 400 W. Rood Ave.
Prosecutors are seeking to have the trial conducted in Grand Junction because of the proximity to investors, most of whom live in western Colorado and who lost about $30 million when the company collapsed last year.
Valley Investments owner Philip Rand Lochmiller; his son, also Philip Rand Lochmiller; and an employee, Shawnee Carver., face mail- and securities-fraud counts in connection with the failure of Valley Investments, in what court documents have described as the collapse of a Ponzi scheme.
In other hearings, the elder Lochmiller’s attorneys have blamed the recession for Valley Investments” financial woes.