He admitted to diverting monies embezzled from his payroll companies in an effort to fraudulently obtain loans.
Michael Mann pleaded guilty, will pay $100 million in restitution to victims
During his arraignment in the Saratoga County Court before Judge James Murphy III, Mann pleaded guilty to money laundering in the first degree. He is facing 8 to 24 years in prison.
Mann entered into a global resolution with the York State Attorney General’s Office and the United States Attorney’s Office for the Northern District of New York,
During his federal sentencing on December 10, he will be ordered to pay more than $100 million in restitution to his victims.
In a statement, Attorney General James said, “As Michael Mann spun his widespread web of deceit, employees and employers throughout the state of New York paid the price.”
“This conviction serves as a clear reminder for all those who attempt to steal money for financial gain: My office will continue to be relentless in the pursuit of anyone who takes advantage of New York’s people and businesses…,” she added.
