Pocketing cash Angry andoverdrawn employees who had been receiving direct deposits. as wellas their employers, were left in the lurch after apparentmalfeasance by the payroll company's CEO.

Cloud-based payroll company MyPayrollHR,based in upstate New York, has vanished with nearly $35 million inpayroll funds from its customer firms, leaving thousands ofemployees not only stiffed for their pay but also for additionalfunds that also disappeared from their accounts—including moneythat wasn't even in their accounts in the first place.

Angry and overdrawn employees who had been receiving directdeposits from the firm, a subsidiary of ValueWise Corp. as well astheir employers, were left in the lurch after apparent malfeasanceby the payroll company's CEO Michael T. Mann. KrebsOnSecurityreports that not only did payroll fundsdisappear, but also money that belonged to some of the employeesaffected.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.