Post by anenro on Sept 6, 2020 17:58:00 GMT 4
Northville man arrested in money laundering scheme
BALLSTON SPA — The man at the center of a years-long fraud scheme who plead guilty in August to causing more than $100 million in losses to banks, financing companies and other businesses was also recently arrested in a $1 billion money laundering scheme in which he also pled guilty to.
According to a press release issued by the Attorney General’s Office, Michael T. Mann, 50, of Northville, and the former head of the payroll company MyPayRollHR and former CEO of ValueWise was arrested on Aug. 25, by state police with first-degree money laundering and plead guilty to the charge when arraigned in Saratoga County Court on Aug. 28, in front of Judge James Murphy. In pleading guilty, he is admitting to laundering over $1 billion in stolen funds from employers, employees, financial institutions and financial companies between 2016 and 2019. He diverted millions of dollars in payroll funds he held on behalf of client-employers to pay their employees paychecks and taxes. Thousands of employees in New York and across the country were left in financial distress in September 2019, when Mann’s scheme came to light and his payroll accounts were frozen. Mann faces eight to 24 years in state prison.
Mann is expected to be sentenced to a minimum of five to 15 years and a maximum of eight to 24 years in state prison for the first-degree money laundering charge on Dec. 17.
Mann will be ordered to pay more than $100 million in restitution to his victims, including distribution of over $47 million to his victims. The Attorney General requests that all clients defrauded by Mann and his entities who have not yet been made whole contact the New York State Police Financial Crimes Unit by email at FCU@troopers.ny.gov.
“As Michael Mann spun his widespread web of deceit, employees and employers throughout the state of New York paid the price,” said Attorney General Letitia James, in a prepared statement. “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. I thank the state police for their partnership in bringing accountability and justice to this intricate scheme.”
BALLSTON SPA — The man at the center of a years-long fraud scheme who plead guilty in August to causing more than $100 million in losses to banks, financing companies and other businesses was also recently arrested in a $1 billion money laundering scheme in which he also pled guilty to.
According to a press release issued by the Attorney General’s Office, Michael T. Mann, 50, of Northville, and the former head of the payroll company MyPayRollHR and former CEO of ValueWise was arrested on Aug. 25, by state police with first-degree money laundering and plead guilty to the charge when arraigned in Saratoga County Court on Aug. 28, in front of Judge James Murphy. In pleading guilty, he is admitting to laundering over $1 billion in stolen funds from employers, employees, financial institutions and financial companies between 2016 and 2019. He diverted millions of dollars in payroll funds he held on behalf of client-employers to pay their employees paychecks and taxes. Thousands of employees in New York and across the country were left in financial distress in September 2019, when Mann’s scheme came to light and his payroll accounts were frozen. Mann faces eight to 24 years in state prison.
Mann is expected to be sentenced to a minimum of five to 15 years and a maximum of eight to 24 years in state prison for the first-degree money laundering charge on Dec. 17.
Mann will be ordered to pay more than $100 million in restitution to his victims, including distribution of over $47 million to his victims. The Attorney General requests that all clients defrauded by Mann and his entities who have not yet been made whole contact the New York State Police Financial Crimes Unit by email at FCU@troopers.ny.gov.
“As Michael Mann spun his widespread web of deceit, employees and employers throughout the state of New York paid the price,” said Attorney General Letitia James, in a prepared statement. “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. I thank the state police for their partnership in bringing accountability and justice to this intricate scheme.”