Operator of payroll company charged with $70 million bank fraud
September 23, 2019 06:07 PM
The operator of a now-closed Clifton Park-based payroll company has been charged with committing a $70 million bank fraud. Prosecutors say the scheme goes back to 2010 or 2011.
Michael Mann appeared in federal court on Monday. He's the operator of MyPayrollHR.
Mann is charged with fraudulently obtaining at least $70 million in loans from banks and other financial institutions, and creating companies to only be used in the fraud.
The company's shutdown left more than 1,000 small businesses across the country scrambling to pay their employees due to Mann directing the funds to bank accounts he controlled - which were then frozen.
If convicted, he faces a maximum of 30 years in prison, a $1 million fine, and up to five years of post-release supervision.
MORE INFORMATION: Full MyPayrollHR criminal complaint
Updated: September 23, 2019 06:07 PM
Created: September 23, 2019 03:31 PM
Copyright 2019 WNYT-TV LLC, a Hubbard Broadcasting Company. All rights reserved