California IN BRIEF : THOUSAND OAKS : 3 Charged With Bilking Investors

Three Ventura County brothers were charged with stealing $2.3 million from more than 100 people who invested in their now-defunct oil and gas exploration company. The Fuentes brothers were identified as Charles E., 47, of Thousand Oaks, president of Fountain Oil & Gas Co.; James A., 42, of Westlake Village, vice president of the company, and Kenneth R., 36, of Thousand Oaks, the company’s senior account manager. They were arrested at their homes by investigators from the Ventura County district attorney’s office and were being held on $500,000 bail each. They are scheduled to be arraigned this morning in Ventura County Municipal Court on charges of grand theft and securities fraud. Deputy Dist. Atty. John L. Geb said the three men sold unregistered securities in the form of joint-venture agreements.