By Ishita Srivastava, Dailymail.Com April 18, 2024 02:09 Updated April 18, 2024 02:29
Todd Hill, 51, known as “Mr. Flip It” from HGTV's “Flip It to Win It,” was convicted of fraud and sentenced to four years in prison and ordered to pay nearly $10 million. Prosecutors say he participated in multiple fraud schemes, including a Ponzi scheme.
A former star of the HGTV television show has been convicted of fraud and ordered to pay nearly $10 million.
Todd “Mr. Flip It” Hill, star of the show “Flip It to Win It,” was sentenced to four years in prison and ordered to pay $9,402,678.43 in restitution to 11 victims.
He will be on probation for 10 years after completing his sentence.
Hill, 58, was indicted in November 2019 after an investigation found he committed multiple fraud schemes, including defrauding investors to fund a living, according to the Santa Clara County District Attorney's Office.
On September 27, 2023, the conman was convicted of grand larceny against all victims and pleaded guilty to aggravated white collar crime.
Todd “Mr. Flip It” Hill, star of the show “Flip It to Win It,” was sentenced to four years in prison and ordered to pay $9,402,678.43 in restitution to 11 victims. On September 27, 2023, the conman (left) was convicted of grand theft against all of the victims and pleaded guilty to aggravated white collar crime.
Prosecutor Oanh Tran told ABC7 that Hill's multiple fraudulent activities included a Ponzi scheme that affected 18 homes in Silicon Valley.
“I believe this is a massive real estate fraud case. There are 11 victims who are still suffering the aftereffects,” Tran said.
Prosecutors said the man managed to stay under the radar while running a Ponzi scheme by stealing investors' money to buy homes and then using it to fund a lavish lifestyle.
To conceal his theft, Hill created false balance sheets and obtained loans using false information.
“He took money from investors who started companies with him and laundered it in financial accounts over which he had full control.”
“The aim was to buy houses, renovate them and sell them at a profit, but he says he spent the money he was given to renovate the houses on luxury cars, holidays and partying.”
“And to account for that, he will classify it as a construction cost,” Tran told the TV station.
The district attorney's office said Hill kept a low profile while running his Ponzi scheme by stealing investors' funds meant for home purchases and using them to fund a lavish lifestyle. “Flip It to Win” was a reality TV show on HGTV in which “five teams of professional flippers” “bid on abandoned homes,” which they would then renovate and put on the market. To hide his thefts, Hill created fake balance sheets and obtained loans using false information. One of Hill's victims, Max Keach (pictured), lost about $6 million after the con artists submitted false invoices and manipulated financial records to embezzle.
One of Hill's victims, Max Keach, lost about $6 million when con artists submitted fake invoices and manipulated financial records to embezzle, according to the Mercury News.
Prosecutors also said in the press release that one of the victims had set aside $250,000 for renovations, only to discover the work was never completed and the building had burned down.
Most of the fraud occurred in 2013, according to court documents.
“Businesses have been closed and one victim lost her home. The impact of the fraud has been widespread and touched multiple aspects of the victims' lives that they are still dealing with,” Tran added.
“Flip It to Win It” was a reality TV show on HGTV in which “five teams of professional flippers” “bid on abandoned homes,” which they then renovated and put on the market.
It aired for two seasons from 2013 to 2014.