THOUSAND OAKS : Man Sentenced in Securities Fraud
One of three Ventura County brothers accused of involvement in a $2.3-million swindle through the defunct Fountain Oil & Gas Co. has been sentenced to a year in County Jail.
Ventura County Superior Court Judge Frederick A. Jones imposed the sentence Friday on Kenneth R. Fuentes, 36, of Thousand Oaks, who pleaded guilty in December to seven charges of securities fraud. The sentence also includes six years probation.
Fountain President Charles E. Fuentes, 47, of Thousand Oaks and Vice President James A. Fuentes, 42, of Westlake Village are awaiting trial on charges of grand theft, securities fraud and selling unregistered securities. If convicted, each could face up to 10 years in prison.
More than 100 investors lost money in Fountain’s failed natural gas ventures, investigators said.
Kenneth Fuentes, who investigators said had a smaller role in the company, is free on $10,000 bail until March 16, the day he is scheduled to begin serving his sentence, Deputy Dist. Atty. Rebecca S. Riley said.
He originally faced 11 counts each of selling unregistered securities, securities fraud and grand theft, but a Municipal Court judge reduced the charges last year.
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