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Fallbrook residents Victor Loh and wife, Jannett Bidwell convicted of stealing $4 million in retirement funds


Thursday, December 27th, 2012
Issue 52, Volume 16.
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SAN DIEGO - San Diego County District Attorney Bonnie Dumanis announced today, Dec. 27, that defendant Victor James Loh (of Fallbrook) has been sentenced to serve six years and four months in state prison for his part in a scheme to defraud 17 separate victims and the California State Franchise Tax Board of more than $4.25 million dollars. The conviction was obtained after a joint investigation with the San Diego County District Attorney’s Office, the United States Secret Service, San Diego Regional Fraud Task Force, California Department of Insurance and California Franchise Tax Board.

"This defendant preyed on people, many of them elderly, who thought they were making a sound investment but instead saw their retirement dreams go up in smoke," said DA Dumanis.

Loh and his wife Jannett A. Bidwell, who will be sentenced June 26, 2013, were financial planners and held insurance sales licenses. Prior to 2008, the couple worked as financial planners advising investors to self-direct retirement funds into annuities. From 2008 through 2009, the couple used their position as trusted financial planners to convince 17 victims to lump sum transfer their retirement funds to companies that Loh and Bidwell created, describing them as secure investments.

The companies were actually vehicles for the funds to be transferred out to other Loh and Bidwell controlled accounts. The couple then spent the proceeds of their clients’ retirement funds on personal expenses including expensive cars, horses, and trips. The couple 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 in the couple’s ‘secure investments.’

Loh and 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, subscribe a fraudulent return, and allegations of aggravated white collar crime enhancement, and taking with losses in excess of $1.3 million. Victor Loh pleaded guilty to four counts and the great taking allegation, stipulating him to $4.25 million in restitution and a six-year, four-month state prison sentence.


 

17 comments

Comment Profile ImagePink
Comment #1 | Thursday, Dec 27, 2012 at 12:20 pm
Did these low lives have an office? Did they work for an investment company? How did they operate?
Comment Profile ImageBetch
Comment #2 | Thursday, Dec 27, 2012 at 1:07 pm
Although there was no violence, preying on the elderly and their means of providing for themselves deserves more than 6 years.
Comment Profile ImageAngela
Comment #3 | Thursday, Dec 27, 2012 at 2:19 pm
Awful, just plain awful.
Comment Profile ImageFallbrookian
Comment #4 | Thursday, Dec 27, 2012 at 6:15 pm
Haha that's awesome
Comment Profile ImageMountain Mama
Comment #5 | Thursday, Dec 27, 2012 at 7:59 pm
pond scum
Comment Profile ImageRe-???
Comment #6 | Thursday, Dec 27, 2012 at 9:31 pm
Unfortunately people this sort of thing happens all of the time, but half are not reported or investigated. The elderly are usually victims to people who have no conscious nor morals, but are able to live amongst people who are already being victimized by our government. It is a shame that the people who made our world what it is today, who have carried on traditions, raised families, and supported our economy for so long, are being taken for a ride from the very people they supported.
Comment Profile Imageroute 66
Comment #7 | Friday, Dec 28, 2012 at 5:32 pm
Sounds like what bankers, wall streeters, and home loan originators didto the world..during the GWBush reign.
Comment Profile Image@route 66
Comment #8 | Friday, Dec 28, 2012 at 5:51 pm
Caused by the policies put in place by the Bill Clinton administration. Read your history.
Comment Profile Imagelillymar
Comment #9 | Friday, Dec 28, 2012 at 6:26 pm
When will it be considered a hate crime to prey on the elderly?
Comment Profile Imagejoe
Comment #10 | Friday, Dec 28, 2012 at 6:28 pm
sounds about right, Obama is giving lessons these people just paid attention.
Comment Profile ImageSmall fish
Comment #11 | Friday, Dec 28, 2012 at 6:29 pm
route 66,

There is one major difference, Loh and Bidwell are going to be doing hard time while all GWBush scumbags you speak of are now working for the Obama regime. No prosecution, no jail time, just promotions. Go watch "inside job", it should make you sick. Re-??? is right, most hard working people are being victimized and don't even realize it.
Comment Profile ImageLee
Comment #12 | Friday, Dec 28, 2012 at 7:23 pm
Bravo! Finally, white collar crime is being caught and prosecuted. Excellent!

Loh and Bidwell, you certainly aren't part of this Friendly Village! Get the [beep] out! You'll have plenty of time to think about all your "good" deeds . . . while rotting in jail.

Get the [beep] out of Fallbrook!
Comment Profile ImagePreston
Comment #13 | Friday, Dec 28, 2012 at 8:19 pm
Wake up route 66, this kind of activity has been going on since the beginning of time and will continue until the end of time and GWBush, as much as you would like, had nothing to do with it.
Comment Profile ImageJames Karasek
Comment #14 | Friday, Dec 28, 2012 at 9:11 pm
The worst part of this is that the elderly don't know who to trust!
Comment Profile ImageRe-???
Comment #15 | Sunday, Dec 30, 2012 at 8:51 am
Re #14-- I totally agree. The world that the elderly have built up for the younger generation, is slowly kicking them in the a__, and this is their thank you. How sad people, do we really want to become elderly under these conditions ourselves? Change the way your kids think of the elderly and our society and you will not have this issue when you get older. God Bless the Very young and the elderly, the innocent always get hurt.
Comment Profile ImageEd
Comment #16 | Sunday, Jan 6, 2013 at 12:36 pm
Wow, I'll just bet their son is really proud of them.
Comment Profile ImageKK
Comment #17 | Tuesday, Mar 5, 2013 at 12:52 pm
His Son and Kids knew all about it. I heard they helped.

Article Comments are contributed by our readers, and do not necessarily reflect the views of The Fallbrook Village News staff. The name listed as the author for comments cannot be verified; Comment authors are not guaranteed to be who they claim they are.

 

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