Michael Mann, the owner of several payroll servicing companies including the shuttered MyPayrollHR and ValueWise, has been convicted for engaging in a billion-dollar money-laundering scheme.
New York Attorney General Letitia James and New York State Police Superintendent Keith M. Corlett announced the felony conviction of Mann.
Allegations against Michael Mann
According to Attorney General James and Police Supt. Corlett, Mann laundered more than $1 billion in stolen funds from employees, financial institutions, and financing companies between 2016 and 2019.
During the relevant period, on a daily basis, Mann diverted millions of dollars in payroll funds. His payroll serving companies held those funds on behalf of employer-clients to pay their employees’ wages and taxes.
In the fall of 2019, Mann’s money-laundering scheme was exposed and his payroll accounts were frozen. As a result, thousands of employees in New York and nationwide suffered financially. Some businesses were forced to shut down.
