CALIFORNIA IN BRIEF : VENTURA : 60-Day Jail Term in Investment Fraud

Olen B. Phillips, once considered the mastermind of the biggest fraud in Ventura County history, was sentenced to probation and 60 days in jail while his right-hand man received nearly eight years in prison in the same case. The sentences by Ventura County Superior Court Judge Frederick A. Jones stunned prosecutors and investors, who said Phillips deserved a prison term as long as that of his associate, Charles J. Francoeur. But after a four month trial, a jury last month convicted Phillips of only one grand theft count in an 81-count indictment, while Francoeur was convicted of four grand theft charges and one conspiracy count. The indictment accused the two of stealing about $3 million from 21 investors, but investigators have said that hundreds of Ventura and Los Angeles county residents lost as much as $30 million through limited partnerships operated by Phillips’ company.