Angry and overdrawn employees who had been receiving direct deposits. as well as their employers, were left in the lurch after apparent malfeasance by the payroll company's CEO.
Cloud-based payroll company MyPayrollHR, based in upstate New York, has vanished with nearly $35 million in payroll funds from its customer firms, leaving thousands of employees not only stiffed for their pay but also for additional funds that also disappeared from their accounts—including money that wasn't even in their accounts in the first place.
Angry and overdrawn employees who had been receiving direct deposits from the firm, a subsidiary of ValueWise Corp. as well as their employers, were left in the lurch after apparent malfeasance by the payroll company's CEO Michael T. Mann. KrebsOnSecurity reports that not only did payroll funds disappear, but also money that belonged to some of the employees affected.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
