THOUSAND OAKS : Phillips Won’t Be Retried on 2 Counts
Prosecutors will not attempt to retry Thousand Oaks real estate financier Olen B. Phillips on two counts of securities fraud, which jurors deadlocked on during his recent trial.
Phillips, accused of stealing millions of dollars from investors in Ventura and Los Angeles counties, was convicted of one count of grand theft Tuesday. He was acquitted of 78 counts alleging grand theft, conspiracy or securities fraud.
Deputy Dist. Atty. Rebecca S. Riley said she would not file a motion to retry Phillips on the deadlocked counts, which are related to the charge on which he was found guilty. Riley said even if Phillips were to be found guilty of the two counts, it would not extend his sentence.
Phillips, 52, faces a maximum sentence of three years in prison.
Charles J. Francoeur, 35, vice president of Phillips’ company, Phillips Financial Group, was convicted of four counts of grand theft and one count of conspiracy.
Francoeur could receive up to seven years.
Both men are scheduled to be sentenced by Ventura County Superior Court Judge Frederick A. Jones on Sept. 11.
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