The three-year state prison sentence handed down Friday to Philip Lochmiller means that all members of the family who started a real estate investment firm in Vista are now in jail.
The sentencing of Lochmiller, 37, of Buena Park, followed the sentencing on Tuesday of his mother, Jo Alice Lochmiller, 58, who also received three years in prison. His other brother, Stephen, 32, is serving a four year term imposed a year ago.
Unlike the widely attended sentencings of his mother and brother, only one investor testified Friday about his losses and only several others looked on in the audience.
San Diego Municipal Court Judge H. Ronald Domnitz ruled that Philip Lochmiller had no resources to pay back the estimated $1.5 million lost by more than 1,600 investors in Lochmiller Mortgage Co., which went bankrupt in 1982.
In contrast to the earlier appearances by his mother and brother in which they said nothing in their hearings, Philip Lochmiller apologized in court to the investors who lost money.
His attorney, Michael Meany, asked that Philip Lochmiller be sentenced to pay an unspecified amount of restitution with no time in custody under conditions of probation.
Deputy Dist. Atty. Don Canning said Philip Lochmiller actually started his own real estate investment firm in San Diego under the same name with help from a $250,000 loan from his brother Stephen.
Canning said the television advertisements, which featured Jo Lochmiller introducing Stephen as they sat in plush offices, did not distinguish between the two Lochmiller companies.
Philip Lochmiller pleaded guilty in June to 30 violations of state corporations codes. His mother pleaded guilty July 31 to 10 counts of security sales violations, and Stephen Lochmiller pleaded guilty to 24 similar violations.
The investors have filed many civil suits against the family. Jo Lochmiller’s husband died in 1981 and her attorney said the only asset she has is a home.