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In 1985, Philip Rand Lochmiller of Vista was sentenced to three years in prison for selling unregistered securities in a real estate scam. He and family members (who also went to the pokey) had promised returns of up to 24% to investors, mostly elderly. After getting out of prison, Lochmiller wound up in Grand Junction, Colorado and ran a similar real estate operation, promising mainly elderly investors 12% to 14% yearly. (Interest rate levels are lower now.) The scheme collapsed. A federal indictment has charged him with raising money through fraud, noting that the title deeds for mobile home lots issued through his company are worthless because they were forged or the same lots were sold to multiple investors. Two weeks after his arrest in December, Lochmiller is still without an attorney. One has withdrawn and another turned the job down. Lochmiller's real estate operation is still a family affair: his son, Philip Jr., has also been indicted.

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Comments

Ponzi Jan. 6, 2010 @ 6:58 a.m.

The family that preys together, pays together.

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Don Bauder Jan. 6, 2010 @ 7:36 a.m.

Response to post #1: Great. But all too often they never get caught, so don't pay together. Best, Don Bauder

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