RICHMOND, Va. -- One of the key players behind the...

RICHMOND, Va. -- One of the key players behind the gradual transformation of Richmond's Manchester neighborhood was arrested and charged with financial fraud by federal prosecutors on Thursday.

Michael Hild and his wife own Richmond rental properties and businesses in Manchester, including Dogtown Brewing, The Butterbean Market and Cafe, and Hot Diggity Donuts. They also run the Dogtown Dish website that publishes news about Richmond's Manchester and Swansboro neighborhoods.

But on Thursday the US District Attorney's Office in New York announced they arrested Hild and two others who worked for his Chesterfield company, Live Well Financial, and charged them in a $140 million fraud scheme.

"The benefit to Hild, as alleged in the indictment, was that he made a lot more money by overstating the value of his product," CBS 6 legal analyst Todd Stone said