RICHMOND, Va. -- A federal judge in Manhattan has shed new light on how much in criminal restitution embattled Richmond businessman Michael Hild might have to fork over.
U.S. Magistrate Judge Katharine Parker last week recommended that Hild should pay a total of $46 million to be divvied out to a group of lenders and the bankruptcy estate of his now-collapsed company, Live Well Financial.
The restitution would be penance for Hild’s conviction for defrauding the lenders through a scheme that intentionally overinflated the value of Live Well’s reverse mortgage bonds, which it used to borrow more tens of millions of dollars.
The scheme led to the collapse of the once-fast-growing Chesterfield-based company as well as Hild’s arrest, trial and conviction. He’s been sentenced to serve 44 months in federal prison but has remained free on bond while appealing the guilty verdict.
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