THOUSAND OAKS : Trial Ordered for 3 in Fountain Oil Case
A Ventura County judge has ordered brothers Charles E. and James A. Fuentes to stand trial on 33 charges each that they stole more than $2.3 million from investors in their defunct Fountain Oil & Gas Co. in Thousand Oaks.
But Municipal Judge Thomas J. Hutchins on Tuesday said there was insufficient evidence to support some of the charges against a third brother, Kenneth R. Fuentes. Hutchins ordered Kenneth Fuentes to stand trial on 13 charges that he violated state securities laws.
All three brothers had been charged Oct. 14 with 11 counts of grand theft, 11 counts of selling unregistered securities and 11 counts of securities fraud. Investigators said the three made extravagant promises to investors in their gas-drilling ventures and used some of the money for personal expenses.
After dismissing some of the charges against Kenneth Fuentes, Hutchins lowered his bail to $100,000. Bail for the others remains at $500,000. The three defendants will be arraigned Dec. 3 before Superior Court Judge Frederick A. Jones.
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