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 they 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 details from the sentencing hearing.