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 towards 11 victims, prosecutors mentioned.
“The present’s idea was that he purchased dilapidated properties, fastened them up, after which bought them for a revenue. As a substitute, Hill spent tens of millions on overbudget remodels, laundered income, and pocketed tens of millions in fraudulently obtained cash,” the Santa Clara County District Lawyer’s Workplace wrote.
A choose 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 12 months of a number of fraud schemes, together with scams perpetrated effectively earlier than the present was launched, prosecutors mentioned.
“Proof confirmed that Hill spent the laundered cash on a rented residence in San Francisco, in addition to accommodations, holidays, and luxurious automobiles,” the DA’s workplace mentioned.
Hill created a Ponzi scheme, prosecutors mentioned, by taking an investor’s cash budgeted to purchase properties and used it to dwell lavishly. He created false stability sheets and acquired 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 transforming in a single occasion. The investor as a substitute found a burnt-down shell the place no work had been carried out.
“Some see the massive sum of money in Silicon Valley actual property as a enterprise alternative,” District Lawyer Jeff Rosen mentioned. “Others, sadly, see it as a legal alternative – and we’ll maintain these folks strictly accountable.”
Hill was indicted in November 2019. On September 27, 2023, he was convicted of grand theft towards 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 workforce secured the “largest revenue” on the present from their flipping challenge. The duo reportedly netted $134,000 in revenue.
The Santa Clara County choose ordered Hill to right away report back to jail on April 16.
