Texas man admits to role in 2019 Clifton Park payroll company scheme
A man from Texas has admitted to his role in the MyPayrollHR scheme back in 2019.
The Clifton Park-based company abruptly closed – after a $100 million bank fraud scheme that impacted thousands of businesses and people across the country.
Derek Schwartz pleaded guilty Thursday to conspiring with former ValueWise CEO Michael Mann to defraud companies that loaned millions of dollars to ValueWise subsidiaries.
ValueWise was the parent company of MyPayrollHR.
Schwartz pleaded guilty to conspiring to commit wire fraud.
He faces up to 20 years in prison when he is sentenced in January.
Mann was sentenced in 2021 to 12 years in prison.