COUNTYWIDE : Bail Reduced for 2 Fraud Suspects
Two suspects in what investigators say is the largest fraud scheme ever perpetrated in Ventura County had their bail lowered Wednesday from $1 million to $150,000.
Judge Alan L. Steele of Ventura County Superior Court reduced the bail for Charles J. Francoeur, 33, of Agoura Hills and Felix J. Laumann, 56, of Cambria.
Francoeur and Laumann worked for the Phillips Financial Group of Agoura Hills, which was owned by the alleged mastermind of the scheme, Olen B. Phillips of Thousand Oaks. Phillips, 51, is scheduled to appear before Steele on Friday for consideration of Phillips’ bid to lower his bail of $2.5 million.
The three men were indicted Feb. 6 on charges of conspiracy, grand theft and securities fraud. Investigators say about 2,000 investors stand to lose as much as $30 million.
Investigators said the defendants sold limited partnerships in various properties and then encumbered the properties with trust deeds without the knowledge or approval of the limited partners.
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