2 Get Prison In $30M Real Estate Ponzi Scheme

Law360, New York (October 18, 2011, 10:12 PM EDT) -- A Colorado federal judge on Friday sentenced two people to prison on securities and mail fraud charges for their roles in a real estate Ponzi scheme that allegedly scammed more than 400 investors out of over $30 million.

Philip R. Lochmiller Jr., who ran the day-to-day operations of Valley Mortgages Inc. — owned by his stepfather, Philip R. Lochmiller Sr. — was sentenced to eight years in prison. Shawnee N. Carver, Lochmiller Jr.'s personal assistant, was sentenced to two years in prison.

Lochmiller Jr. pled guilty...
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