Former Live Well CEO seeks delay of deadline to file for new trial

Michael Hild, who served as CEO of now-defunct reverse mortgage lender Live Well Financial, is seeking a one-year delay of a deadline to file a motion for a new trial based on what his attorney describes as “new evidence.” This is according to court documents reviewed by RMD.

After his arrest by the FBI in 2019 and a protracted trial process, the jury hearing the case determined in April 2021 that Hild participated in an effort to fraudulently inflate the value of the company’s bonds by approximately $200 million in order to allow it to borrow more money.

More than a year later, Hild was sentenced to a prison term of 44 months by presiding Judge Ronnie Abrams in the Southern District Court of New York (SDNY), but he remains free pending an appeal of the conviction.

Following a process to determine restitution to the financial companies that were victimized by the scheme, the magistrate judge overseeing the case ultimately recommended that Hild pay more than $46 million. Hild and his legal team have consistently maintained that the restitution figure should be lower and, in the case of some companies, should be $0.

Now, Hild’s attorney has submitted a court filing requesting a one-year extension of the deadline for another trial to include new evidence. Although the letter does not specifically mention what the new evidence is, the attorney indicated that it came to light during the restitution proceedings.

“[I]ssues related to sentencing currently are pending before this Court, and indeed, new evidence that could serve as a basis for a new trial motion recently was produced by the government in connection with the restitution proceedings, including in October 2023, December 2023, and January 2024, when Magistrate Judge Parker held an evidentiary hearing on restitution,” the letter reads.

The letter also states that Hild has not yet determined whether he will file for a new trial, but the current deadline to do so is April 30, 2024. Hild’s attorney conferred with the government on the matter and says it “objects to this request.” The government has yet to file a formal motion explaining its objections.

Prior to his sentencing in January 2023, Hild was denied a previous motion for acquittal or a new trial by Abrams.