Charles “Todd” Hill, star of the HGTV series Flip it or win it, He is reportedly headed to jail after committing real estate and financial fraud against 11 victims.
According to Deadline, a California judge sentenced Hill to four years in prison. He is also ordered to pay nearly $10 million in restitution to the victims.
In a statement, the Santa Clara County district attorney revealed more details about the former HGTV star’s crimes. “The concept of the show was that you would buy dilapidated houses, fix them up, and then sell them for a profit. Instead, Hill spent millions on over-budget renovations, laundered profits, and pocketed millions in fraudulently obtained money.”
Last year, Hill was convicted of multiple fraud schemes. These include scams perpetrated long before his days at HGTV. The district attorney’s office stated: “Evidence showed that Hill spent the laundered money on a rented apartment in San Francisco, as well as on hotels, vacations, and luxury cars.”
It was further reported that Hill created a Ponzi scheme. He took money from an investor, made a budget to buy houses, and used it to finance his lavish lifestyle. He then created false balance sheets and obtained loans using fraudulent information to get his way.
Flip it to win it It aired for one season in 2014. During his appearance on the show, Hill was nicknamed “Mr. Flip it.”
The show’s description reads: “From the courthouse steps to the ‘oohs’ and ‘aahs’ of an open house, five teams of experts bid against each other on abandoned homes unseen. “It’s a high-stakes moment where three auctions are won, three homes are renovated, and then all three homes go on the market for the best price.”
The former ‘HGTV’ was charged for the first time in November 2019
According Entertainment tonight, he HGTV The star was first charged with his crimes in November 2019. This was after the district attorney’s office conducted an investigation that uncovered multiple cases of fraud.
The Santa Clara County District Attorney shared several examples of Hill’s crimes. “An investor visited a home for which he had contributed $250,000 for remodeling,” the office shared. “And he discovered that it was a burnt shell that had had no work done on it.”
The victim of the incident spoke at Hill’s sentencing and claimed she still suffered financial and professional harm from the fraud.
Speaking about the HGTV alum’s crimes, District Attorney Jeff Rosen noted: “Some see the enormous amount of money in Silicon Valley real estate as a business opportunity. Others, unfortunately, see it as a criminal opportunity, and we will hold those people strictly accountable.”
Categories: Biography
Source: vcmp.edu.vn