OXNARD : Couple Indicted in Securities Fraud

A former Oxnard couple has been indicted on more than 65 counts of fraud and selling illegal securities for allegedly swindling dozens of investors in their defunct Oxnard manufacturing company.

Thomas and Patricia Boyd, who now live in Fresno County, are accused of selling dozens of investors shares of products made by States Plastics of Oxnard through the 1980s.

The now-bankrupt company manufactured plastic souvenir boxes in shapes of cartoon characters and states, and marketed the products at curio and gift shops throughout the United States, Deputy Dist. Atty. James Cloninger said.

The Ventura County grand jury handed down the indictment late Friday, superseding an earlier complaint filed against the couple. They are scheduled to be arraigned Oct. 12 on the indictment, Cloninger said.

“There were lots of promises made,” he said. “I don’t think we’ve found a single investor yet who realized any profits.”

The Boyds also are accused of using more than $1 million collected from various investors for personal and company expenses, Cloninger said.

“They were not things the investors had authorized to use the money for,” the prosecutor said. “It was used to pay the bills at States Plastics.”

Cloninger said investors were sold pieces of individual products--particular states or other shapes--even though the Boyds were not licensed for such sales.

Ventura attorney Steven D. Powell, who represents Patricia Boyd, 54, in the case, declined to comment on the charges. Attorney William C. Maxwell, who is representing Thomas Boyd, 57, could not be reached for comment Monday.