THOUSAND OAKS : Jurors Still Out in Phillips Fraud Trial
Jurors in the biggest fraud trial in Ventura County history completed their third week of deliberations Friday without announcing any verdicts.
Olen B. Phillips of Thousand Oaks and Charles J. Francoeur of Agoura are charged in an 81-count indictment with grand theft, securities fraud and sale of unregistered securities. The indictments list 21 investors who allegedly lost about $3 million. But investigators have said that hundreds of people lost as much as $30 million they invested with the defendants.
The jury heard evidence for more than two months before beginning deliberations on July 2. On July 17, one of the jurors was excused for an undisclosed reason, and the attorneys agreed to let the remaining 11 jurors decide the case. At that time, the jurors told Ventura County Superior Court Judge Frederick A. Jones that they had reached some verdicts.
The jury took a vacation the week of July 20 and returned to work this week. Their deliberations are scheduled to resume Monday.
If convicted of all charges, the defendants could receive a maximum of 10 years in prison.
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