Steal retirement funds from anyone, let alone elderly victims, and our California Statewide Law Enforcement Association (CSLEA) members who are investigators with the California Department of Insurance (CDI ) and Franchise Tax Board (FTB) are going to do their part to see that you are locked up.
On Thursday, December 27, 2012 a judge sentenced a San Diego County man to six years and four months in state prison for his role in a scheme that defrauded 17 people and the State Franchise Tax Board of more than $4.25 million.
"Our CSLEA members who investigate these types of crimes don't rest," said CSLEA President Alan Barcelona. "This case dated back to 2008, and involved local, state and federal investigators, all of whom did their best to see this case through to conviction. "
According to a press release from the San Diego County District Attorney, Victor Loh and his wife, Jannett Bidwell, were financial planners and held insurance sales licenses. The pair used their positions to convince 17 people, many of them elderly, to lump sum transfer their retirement funds to companies that Loh and Bidwell created. They told their clients the companies were secure investments. The companies were avenues in which funds could be transferred out to other accounts Loh and Bidwell controlled. According to the press release, the couple spent proceeds of their victims' retirement funds on expensive cars, horses and trips.
"CSLEA investigators with the Department of Insurance and the FTB demonstrate how working well together with other law enforcement agencies results in protecting Californians by bringing criminals to justice," said California Association of Criminal Investigators (CACI) President Frank Capetillo.
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 prison sentence. Bidwell is expected to be sentenced on June 26, 2013.