Posted on 04/30/2021
VA-based Live Well Financial, Inc. was a privately-owned mortgage originator, servicer and investor, licensed in the United States to operate in 46 states. Michael C. Hild, the company’s CEO, was convicted of conspiring to inflate the value of bonds used as collateral for loans. Hild pleaded not guilty. Hild was found guilty by a federal jury in New York.
Former Live Well Chief Financial Officer Eric Rohr and former head trader Darren Stumberger pleaded guilty and cooperated with the U.S. government in a bid to get lighter sentences.
Live Well Financial ran into financial issues in May 2019 and was forced to write down the value of the bond portfolio by US$ 141 million and announced it would cease operations. Three of Live Well’s lenders forced the firm into liquidation in June 2019, claiming to have lost more than US$ 130 million.
The case is U.S. v. Hild, 19-cr-00602, U.S. District Court, Southern District of New York (Manhattan).
Originally Appeared On: https://www.swfinstitute.org/news/86054/live-well-financial-ceo-michael-hild-convicted-of-fraud-over-inflating-value-of-bonds-as-collateral