David Dodd 1:48 a.m., May 18
Ex-San Diegan Guilty of Real Estate Fraud Again
Former North County real estate swinger Philip Rand Lochmiller was found guilty in federal court in Denver today (July 21) of 31 counts of conspiracy, fraud, and money laundering.
In 1985, Lochmiller of Lochmiller Mortgage was sentenced to three years in state prison; the family's real estate scheme had taken money from largely elderly investors in San Diego County, offering as much as 24% a year. The scheme fell apart.
Later he showed up in Grand Junction, Colorado, running a similar real estate operation, touting 14% annual returns. It, too, collapsed, leaving investors in the lurch, and leading to the charges of which he was found guilty today.