THOUSAND OAKS : Banker Pleads Guilty to 1 Count of Fraud

Thousand Oaks banker Phillip L. Chase pleaded guilty Wednesday to one count of bank fraud on the agreement that he would not serve time in prison, an assistant U.S. attorney said Wednesday.

Chase was sentenced to 200 hours of community service and fined $5,000, according to Assistant U.S. Atty. Brent Whittlesey.

The sentence came the day after Chase’s banking partner and co-defendant, Olen B. Phillips, pleaded guilty to two other counts of the same 12-count indictment.

The indictment by a federal grand jury in Los Angeles accused the two of understating their debts when applying for loans from banks in Los Angeles and Ventura counties.

That indictment followed a trial on related charges that ended in a mistrial.

Rather than face the expenses of a second trial and the possibility of spending time in prison, Chase pleaded guilty to one count of the indictment, said Richard Marmaro, Chase’s attorney.

Chase admitted “leaving off some liabilities on a financial statement” to a Los Angeles bank, Marmaro said.

All other counts of the indictment were dropped.

Asked to comment on the agreement, Whittlesey said: “I don’t make comments on those decisions. I’m just the lawyer for the government.”

Phillips, who is scheduled to be sentenced June 13, could face up to 24 months in prison, as well as more than $200,000 in fines and restitution.