Woman Loses Life Savings In Alleged $31M Ponzi Scheme That Bilked Investors Through Forged Deeds, Sale Of Same Lots To Multiple Victims
In Pocatello, Idaho, the Idaho State Journal reports:
- One of the victims of an alleged Ponzi scheme that used a Pocatello property as part of an elaborate scam to bilk investors of $31 million said she lost a six-figure sum. “I was absolutely devastated,” Carolyn White said about the moment she realized [her] savings was gone. “I had to take sleeping pills that night. I lost everything.”
- White “owned” 12 of the 70 lots at the 16.5-acre mobile home subdivision on Philbin Road that was used as part of the scheme. Or so she thought. It turns out most of the title deeds issued to the 400 investors affected by the scheme are worthless because they were forged or deeds for the same lots were sold to multiple investors. [...] The alleged scheme involved purchasing existing mobile home parks and converting them to mobile home subdivisions by dividing them into individual
For more, see Alleged scam cost woman her life savings.
(1) The owners and operators of Valley Investments of Grand Junction, Colo., Philip R. Lochmiller, 61, and his son, Philip R.Lochmiller II, 38, as well as a company employee, Shawnee N.Carver, 33, were indicted by a federal grand jury in Denver Dec. 15 on conspiracy and fraud charges. According to one investor, at least one affected investor has committed suicide because of the alleged scam, an earlier story reports. See $31 Million scam: Pocatello property used in alleged Ponzi scheme.