Charles “Todd” Hill, who starred on the HGTV present Flip It to Win It, has been sentenced to jail in California for committing actual property and monetary fraud in opposition to 11 victims, prosecutors stated.
“The present’s idea was that he purchased dilapidated properties, mounted them up, after which bought them for a revenue. As a substitute, Hill spent thousands and thousands on overbudget remodels, laundered income, and pocketed thousands and thousands in fraudulently obtained cash,” the Santa Clara County District Lawyer’s Workplace wrote.
A decide final week sentenced 58-year-old Hill to serve 4 years in jail and pay almost $10 million in restitution to victims.
Hill was convicted final yr of a number of fraud schemes, together with scams perpetrated nicely earlier than the present was launched, prosecutors stated.
“Proof confirmed that Hill spent the laundered cash on a rented condo in San Francisco, in addition to resorts, holidays, and luxurious automobiles,” the DA’s workplace stated.
Hill created a Ponzi scheme, prosecutors stated, by taking an investor’s cash budgeted to purchase properties and used it to reside lavishly. He created false steadiness sheets and obtained loans utilizing fraudulent info in an effort to disguise his manipulations.
An investor toured a house for which he had supplied Hill with $250,000 for reworking in a single occasion. The investor as an alternative found a burnt-down shell the place no work had been carried out.
“Some see the massive amount of cash in Silicon Valley actual property as a enterprise alternative,” District Lawyer Jeff Rosen stated. “Others, sadly, see it as a legal alternative – and we are going to maintain these individuals strictly accountable.”
Hill was indicted in November 2019. On September 27, 2023, he was convicted of grand theft in opposition to all victims and admitted the aggravated white-collar enhancements. Hill was ordered to pay again restitution within the quantity of $9.4 million.
“Flip It to Win It” aired on HGTV for one season in 2014. Groups of renovators competed to flip properties round Silicon Valley.
Hill competed as one-half of a duo on the present. Hill’s group secured the “largest revenue” on the present from their flipping venture. The duo reportedly netted $134,000 in revenue.
The Santa Clara County decide ordered Hill to instantly report back to jail on April 16.
#HGTV #Star #Flip #Win #Jail #MillionDollar #Fraud #Scheme
