Live Well Financial CEO Used Lenders ‘Like an ATM’ U.S. Says (1)

The chief executive officer of defunct reverse mortgage provider Live Well Financial Inc. used lenders “like an ATM,” enriching himself by borrowing against bonds whose value he conspired to inflate by more than $200 million, prosecutors said at the start of Michael C. Hild’s fraud trial.

Hild, 46, schemed with other Live Well executives to increase the reported value of a pool of bonds used as collateral for loans, Assistant U.S. Attorney Jordan Estes told jurors in opening statements on Wednesday. The testimony of those executives will be part of the government’s case against Hild, Estes said, in addition ...