Advertisement Newshubb
Advertisement
  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact
No Result
View All Result
  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact
No Result
View All Result
Advertisement Newshubb
No Result
View All Result

Breaking News: Michael Hild sentenced to 44 months for Live Well bond scheme


Michael Hild (BizSense file)

Michael Hild, the founder and former CEO of collapsed Chesterfield-based reverse mortgage lender Live Well Financial, was sentenced today to 44 months in federal prison for his part in a bond scheme that defrauded banks out of tens of millions of dollars.

Hild, 48, was allowed to remain free on bond for at least 90 days. During that time his attorney and federal prosecutors will work out how much in restitution he’ll need to repay the lenders, as well as whether he can continue to remain free pending appeal.

He’s on the hook for potentially $22 million in restitution, though his attorney disputes that amount.

Hild was sentenced by Judge Ronnie Abrams in the U.S. District Court in Manhattan.

Live Well was forced into bankruptcy by the lender victims in 2019, after the company abruptly shut down as the reverse mortgage bond scheme unraveled. Hild was arrested, tried and found guilty of masterminding the scheme, which falsely inflated the bonds in order to induce lenders to loan the company more money than it otherwise would have.

The court found the lenders suffered at least $69 million in damages and that Hild pocketed $22 million, much of which he funneled to entities in his wife’s name.

He was joined in the courtroom by his wife Laura, who owns the couple’s extensive Manchester real estate and business holdings. Those assets are the subject of a lawsuit as part of Live Well’s ongoing bankruptcy liquidation.

This is breaking news. Stay tuned to BizSense for more detail from the sentencing hearing.





Source link

Previous Post

Stripe eyes an exit, Dell bets on the cloud, and Shutterstock embraces generative AI • TechCrunch

Next Post

Rare earth mineral supply is sufficient to power switch to renewable energy, study says

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Patient Retention – Improvement is a Team Effort

April 6, 2023

Lessons Learned Building Customer Partnerships Through Executive Sponsorship Program

December 16, 2022

Horowitz: LatinX Viewers Heavy SVOD Subscribers

May 14, 2023

Trending News

Pharmaceutical Equipment Maintenance Services Market Size

October 3, 2023

Meet Nigerian British YouTuber ranked No 2 creator worldwide

October 3, 2023

HCVC is back with a new $75 million deep tech fund

October 3, 2023

Meta Launches Verification for Businesses in New Zealand

October 3, 2023

Senate Re-Ups FCC Commissioners Carr and Starks for Another Term

October 3, 2023

There is a new definition for MFAs, but it’s meant to be open to interpretation

October 3, 2023

© Advertising News Hubb  All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Brand Advertisement
  • Social Media Advertisement
  • Media Advertisement
  • Marketing
  • Contact

© 2022 Advertising News Hubb All rights reserved.