Former CFO of Live Well Financial Spared Jail Through Federal Cooperation

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Former CFO of Live Well Financial Spared Jail Through Federal Cooperation

May 24, 2023 | News | 0 comments

Eric Rohr, the former CFO of Live Well Financial, has been spared imprisonment for his involvement in artificially boosting the worth of the reverse mortgage lender’s bonds. This more lenient sentence is a result of Rohr admitting guilt and assisting federal authorities in the case against the company’s ex-CEO.

Rohr has received a sentence of time served on all five counts, along with three years of supervised release for each count, to be served concurrently. The decision acknowledges Rohr’s contribution to the case against ex-CEO Michael Hild, who is appealing his 44-month prison sentence, claiming insufficient legal representation during his 2021 trial.

At his sentencing, Eric Rohr’s cooperation with the government was highlighted by Assistant U.S. Attorney Scott Hartman. He emphasized the difficulty of detecting and proving such crimes and urged the court to consider Rohr’s role, aligning with the government’s sentencing submission. Rohr expressed remorse for his actions and crimes but not for getting caught. Judge Abrams acknowledged Rohr’s contribution while delivering the sentence.

Judge Abrams also highlighted the sequence of events that unfolded during Rohr’s tenure at Live Well. According to Abrams, Rohr informed Hild of his intention to depart the company and requested a reduction in Hild’s compensation to increase Live Well’s liquidity. When Hild declined, Rohr left the company. The exact amount of restitution payments that Rohr must make has yet to be determined, but his attorney emphasized that they would have a significant financial impact. The government previously stated that Hild, Rohr, and former Live Well EVP Darren Stumberger would be collectively responsible for $69,853,850.20 in restitution.

Similar to Rohr, Stumberger pleaded guilty and assisted federal authorities in the case. Stumberger’s sentencing, initially scheduled for Thursday, has been postponed without a new date set. Meanwhile, Hild is currently appealing his sentence and has disputed the restitution amount with the government. Judge Abrams granted Hild bail during his appeal, considering him neither a flight risk nor a threat to the community.