The $18 million wrongful termination and defamation claim filed by Michael Lowery was dismissed after the two sides “compromised.”
Michael Hild’s jury deliberated for a half a day to find him guilty on all five criminal counts he faced. His sentencing is set for Aug. 20.
The former Live Well Financial CEO took the stand in his own defense this week and sobbed while describing his company’s collapse.
Matson also recently reached a settlement with the LeClairRyan bankruptcy trustee for an undisclosed sum.
The second week of the criminal trial featured testimony from bankers and former Live Well Financial employees. Michael Hild is expected to take the stand this week.
Prosecutors painted a picture of a scheme to commit fraud, but the defense argued the Live Well Financial founder had “good intent.”
The Richmond-based utility giant has decided not to build 700 Canal Place, planned for 17 stories with 900,000 square feet on the site of its former One James River Plaza building.
Sevier County Bank, which expanded into Richmond last fall as Southern Community Bank, is set to be acquired by SmartBank, a much larger competitor from its home state.
The two men, who pleaded guilty to fraud charges over an alleged bond pricing scheme, are expected to take the stand against their former boss.
His attorney said the founder of Live Well Financial, accused of a bond scheme and charged with fraud, is looking forward to his day in court.