Lochmillers appear in court

Charlotte Zangerle fumed as she left the federal courthouse Tuesday morning.

“He smirked at me,” Zangerle said after the hearing for Philip Rand Lochmiller, 61, owner of failed Valley Investments.

Lochmiller “looked at us and he just smirked,” she said, walking out of the courthouse with her husband, Lou. The Zangerles invested $25,000 with Valley Investments in April and Lou’s brother, Joe, invested a like amount about the same time, only to learn at the end of May that the company was kaput.

Lou Zangerle might have had something to do with it.

“I shook my finger at him,” Lou Zangerle said. “I probably shouldn’t have done it.”

Lochmiller is accused of conspiring with his son, also Philip Rand Lochmiller, and a Valley Investments employee, Shawnee Carver, to commit mail and securities fraud and to launder money.

The Zangerles are among about 400 investors who federal investigators believe lost about $31 million in Valley Investments.

Lochmiller is to return to the Wayne N. Aspinall Federal Building at 11 a.m. Dec. 30 for the continuation of his arraignment.

His court-appointed attorney, Marna Lake, told Magistrate Judge Gudrun Rice she needed additional time to determine whether she had any conflicts that could prevent her from representing Lochmiller.

Carver is to appear at 11 a.m. today before Rice and an attorney has been tentatively appointed to represent her.

Both Lochmillers are free on $100,000 unsecured bond. Carver was allowed to attend to a death in her family before her scheduled appearance today.

The elder Lochmiller faces 20 counts of money laundering, 10 counts of mail fraud and two related conspiracy counts. The younger Lochmiller, 38, faces 10 counts of mail fraud, eight counts of securities fraud and two related conspiracy counts.

Carver faces 10 counts of mail fraud and two counts of conspiracy.


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