THOUSAND OAKS : Fraud Suspect Can Travel for Holidays

Olen B. Phillips, the fraud suspect whose defense is costing Ventura County taxpayers more than $385,000, was granted court permission Friday to spend the Christmas holidays with his parents in Texas.

Phillips, 51, of Thousand Oaks, is charged in an 81-count indictment with grand theft and securities fraud. Describing the charges as the biggest fraud case in Ventura County history, prosecutors say Phillips and two associates bilked nearly 2,000 investors out of as much as $30 million.

Although he still owns an expensive home and earns about $150,000 a year as a United Airlines pilot, Phillips is considered indigent under the law and has been assigned a county-paid attorney, Steven Powell. On Tuesday, the Board of Supervisors reluctantly agreed to spend $385,000 on auditors and other investigators needed for Phillips’ defense.

On Friday, Superior Court Judge Allan L. Steele granted Phillips’ request to spend Dec. 18-27 in Texas, where his parents live. Deputy Dist. Atty. Rebecca S. Riley said she had no objection as long as Phillips obeyed the reporting requirements that Steele established in March, when he lowered Phillips’ bail from $2.5 million to $150,000.

Phillips’ trial is not expected to start for several months.