Records Seized in Probe of Phillips Financial

The Ventura County Sheriff’s Department said it seized thousands of documents from Phillips Financial Group, an Agoura Hills investment firm, as part of an investigation of customers’ allegations that Phillips embezzled millions of dollars from investors.

The firm’s president, Olen B. Phillips, was not immediately available for comment Monday, his office said. He has not been charged with any crime and no one has been arrested in connection with the investigation, said Sgt. Pat Buckley of the sheriff’s major fraud division.

In a statement, the department said some investors claimed “Phillips has refused to account for millions of dollars that he has accepted from investors and continues to solicit funds while interest checks bounce” on existing accounts.

Phillips Financial, also known as Westoaks Financial Group, specializes in selling real estate limited partnerships to investors, Buckley said.

The seizure of the documents Friday was based on a search warrant obtained after a three-month investigation, a probe that might take up to a year more to complete, Buckley said.