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Philip Lochmiller Sr., 64, was sentenced Friday (March 9) to 33 years in prison, effectively a life sentence, for scamming investors in Grand Junction, Colorado. He was convicted of mail fraud, money laundering and conspiracy. According to the federal government, Lochmiller took in more than $30 million from investors, promising 18% returns on real estate investments. Instead, Lochmiller spent the money on personal and family expenses, says the government. It was a family affair: his son Philip Lochmiller, had pleaded guilty in 2010 and got eight years in custody. It was a re-run, of sorts, of the Lochmiller Mortgage scam in North County in the 1980s. The senior Lochmiller was sentenced in 1985 to three years then, and his mother and brother also got time. In both the Colorado and San Diego cases, senior citizens were victims.
Philip Lochmiller Sr., 64, was sentenced Friday (March 9) to 33 years in prison, effectively a life sentence, for scamming investors in Grand Junction, Colorado. He was convicted of mail fraud, money laundering and conspiracy. According to the federal government, Lochmiller took in more than $30 million from investors, promising 18% returns on real estate investments. Instead, Lochmiller spent the money on personal and family expenses, says the government. It was a family affair: his son Philip Lochmiller, had pleaded guilty in 2010 and got eight years in custody. It was a re-run, of sorts, of the Lochmiller Mortgage scam in North County in the 1980s. The senior Lochmiller was sentenced in 1985 to three years then, and his mother and brother also got time. In both the Colorado and San Diego cases, senior citizens were victims.