OTHER NEWS - Aug. 5, 1992

2 Convicted in Investment Fraud: Olen B. Phillips, a Thousand Oaks airline pilot and real estate financier accused of stealing millions of dollars from investors in Ventura and Los Angeles counties, was convicted of one count of grand theft but was acquitted of several other charges. After deliberating more than three weeks, the Ventura County Superior Court jury also convicted Charles J. Francoeur, vice president of Phillips’ real estate investment empire, of four counts of grand theft and one count of conspiracy. The indictment listed 21 investors who lost nearly $3 million, but investigators said hundreds of investors in the two counties lost as much as $30 million.