Valley Investments employee to surrender
The Valley Investments employee named in the criminal case stemming from the company’s failure is to surrender Wednesday and appear before a judge that morning.
Shawnee Carver, 33, has been free since the indictment naming her and two others was handed up last week.
Philip Rand Lochmiller, 61, the owner of Valley Investments, meanwhile, is to be arraigned at 11 this morning before Magistrate Judge Gudrun Rice.
His son, also Philip Rand Lochmiller, 38, pleaded not guilty Friday at the U.S. District Court in Denver.
Both Lochmillers are free on $100,000 unsecured bond each, meaning neither has to pay the bond if they attend all hearings.
All three were charged on several counts each of conspiracy and money laundering in connection with the collapse of Valley Investments, into which about 400 investors had pumped some $31 million, according to the indictment.
Carver faces one count each of conspiracy to commit mail and securities fraud and conspiracy to commit money laundering and 10 counts of mail fraud.
Carver was allowed to deal with a death in her family before appearing in court.
Carver was the younger Lochmiller’s executive assistant and had “full and exclusive access to data and interacted with investors,” the U.S. Attorney’s Office said in a statement announcing the indictment.
Carver, according to the indictment, was a salaried employee who at least once forged two signatures of an investor to release the investor’s secured interest in property in Country Living Mobile Home Park in Mack.
Valley Investments owned land and mobile-home parks in three states — Colorado, Idaho and Utah.
Investors were told they owned deeds of trust to the lots, which they were told were part of affordable-housing projects.
Valley Investments promised investors returns as high as 18 percent annually.
The owner, the elder Lochmiller, however, failed to tell investors he served a prison term in California for securities fraud before he established Valley Mortgage, then Valley Investments, in Grand Junction in 1994.