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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.