COUNTYWIDE : Arraignment for Phillips, 2 Others in Fraud Case Delayed

Arraignment was postponed Monday for the three men accused of perpetrating the biggest fraud in Ventura County history, to give them more time to line up attorneys.

Olen B. Phillips of Thousand Oaks, Charles J. Francoeur of Agoura Hills and Felix Laumann of Cambria are accused of grand theft, conspiracy and fraud. An 81-count indictment issued Feb. 6 says they bilked 21 people out of more than $3 million, but investigators say that as many as 2,000 investors may have lost more than $30 million.

Francoeur’s attorney, Michael D. Nasatir, said Monday that he needs more time to work out financial arrangements with his client before he decides whether to take the case.

“Cases like this can be a practice-buster,” Nasatir said. “I’ve seen lives ruined by cases like this.”

He also expressed concern about Superior Court Judge Allan L. Steele’s declaration that “this case is not going to grow dusty” because of repeated postponements.

“How can I take this case if I’m to have less time than the district attorney has had to investigate it?” Nasatir asked, re- ferring to the 15 months that authorities have looked into the alleged fraud scheme.

Phillips’ attorney, Louis Samonsky Jr., agreed that it is hard to predict the time involved and the cost of defending such a complicated case, especially without knowing what prosecutors have to support their charges.

At this point, Samonsky said, he has no idea how many investigators, accountants and other experts he might have to hire.

Phillips, the alleged mastermind of the scheme, already has applied to the public defender’s office in case he cannot work out arrangements with Samonsky, the attorney said.

Laumann’s attorney, George C. Eskin, said his client wants to maintain private counsel but also has applied to the public defender.

All three defendants were ordered to appear for arraignment March 18 with attorneys. Francoeur and Laumann have been released on bail, but Steele declined Monday to lower Phillips’ $2.5-million bail without a detailed accounting of available assets. Another bail hearing is scheduled for Friday.