Valley Investments report in teleconference Friday
The receiver handling the assets of Valley Investments in Grand Junction will discuss the status of the company in a teleconference Friday with investors.
The preliminary financial report will be “eye-opening to see how far underwater all these deeds of trust are,” said Kirk Rider of Rider and Quesenberry, the Grand Junction law firm appointed as the receiver by the Denver District Court.
As many as 200 investors had $30 million or more tied up in Valley Investments, 1445 N. Seventh St., which was headed by Philip Rand Lochmiller.
Lochmiller pleaded guilty to securities fraud in California and served a three-year prison term before opening Valley 15 years ago.
State authorities closed Valley Investments in May after an investor questioned the company’s promised returns of 10 percent and more.
Valley offered deeds of trust in low-income manufactured-housing developments to investors and owned projects in Mack, Vernal, Utah, and Pocatello, Idaho. Valley Investments also was working on a similar project in La Junta.
The FBI is investigating the company and has set up a hotline for investors at 303-575-7012.
No arrests have been made.
Instructions for the 10 a.m. toll-free conference call are available at http://www.valleymortgagereceivership.com, and Rider advised callers to dial in a bit early so as not to miss his preliminary report.
Investors may ask questions after the report.
Questions will be screened to avoid repetition and questions of limited interest to all investors.