The CEO of a New York payroll company was arrested and charged in a $70M bank fraud scheme that left hundreds of small businesses across the country scrambling, federal authorities said.
The CEO of a New York payroll company was arrested and charged Monday in a $70 million bank fraud scheme that left hundreds of small businesses across the country scrambling, federal authorities said.
Mann was CEO of MyPayrollHR, a payroll processing company that abruptly shuttered on Sept. 5 after Mann’s banks, suspecting him of fraud, froze his accounts, authorities said.The owner of one of them, a real estate company in southern California,earlier this month that he was “freaking out” over MyPayrollHR’s sudden shutdown.
Shafran paid his employees himself, he told the station, although that money was also withdrawn after banks froze Mann's accounts.for businesses that lost money in the alleged fraud, while Gov. Andrew Cuomo called on the state’s financial services department to investigate and provide answers to victims.Mann did not enter a plea on Monday, his lawyer, Michael Koenig, told NBC News.
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