DA Convicts Financial Planner For $4 Million Theft

The San Diego County district attorney convicted a financial planner for his part in a $4 million retirement fund scheme.

Victor Loh and his wife Jannett Bidwell were charged in a 46-count criminal complaint with grand theft, theft from elder or dependent adult, sale of unqualified security, using false statements in the sale of a security and subscribing a fraudulent return as well as allegations of aggravated white collar crime enhancement and taking with losses in excess of $1,300,000, according to a statement released by the Office of the District Attorney–San Diego County.¬†According to the DA’s office, Bidwell’s sentence is scheduled for June 26, 2013.

Loh entered a plea agreement to four counts and the great taking allegation, stipulating to victim restitution in the amount of $4,251,688 and a six-year-four-month state prison commitment.

From 2008 through 2009, Loh and Bidwell convinced 17 victims to lump-sum transfer their retirement funds to companies that Loh and Bidwell created, describing them as secure investments.The couple then spent those funds on personal expenses including expensive cars, horses and trips.

Loh and Bidwell also purchased a company that later went into bankruptcy. While that company was in bankruptcy proceedings, they continued to solicit victims to invest their retirement funds, according to the DA. 

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