After Michael Hild's request for additional time to respond to civil charges issued against him by the Securities and Exchange Commission was approved, the federal government decided to intervene as it believes the criminal case should take the priority over civil proceedings.
"The U.S. Attorney for the Southern District of New York filed the initial motion to intervene, and the motion was ordered by the presiding judge in the civil case, District Judge Alison Nathan," according to Reverse Mortgage Daily.
"The order of intervention will not affect the ongoing Chapter 7 bankruptcy process of Live Well Financial, though the SEC will not pursue its own civil case against the company until the criminal proceeding is resolved."
Hild has pleaded not guilty in the criminal trial, scheduled to proceed in October 2020. Hold and Live Well are facing criminal and civil accounts of "conspiracy to commit securities fraud; of conspiracy to commit wire and bank fraud; of securities fraud; of wire fraud; and of bank fraud," according to the report.
To learn more about the charges against Michael Hild and Live Well Financial, click on the image above.