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Michael T. Mann, the 49-year-old CEO of Clifton Park, NY-based MyPayrollHR, was arrested this week and charged with bank fraud.Why was Michael Mann arrested?
He was arrested and charged with bank fraud on Sept. 10. Over the last decade, according to federal prosecutors, Mr. Mann created numerous shell companies to fraudulently obtain bank loans. At the time of his arrest, he and his wife, Kim, were living in a 3-bedroom lakefront home in Northville, N.Y., and owned a Range Rover and a Mercedes-Benz.What happened to mypayrollhr?
Michael T. Mann — the person at the center of the collapse of MyPayrollHR — was arrested Monday and appeared in federal court on a criminal complaint, charging him with committing $70 million in bank fraud. According to the complaint filed by federal prosecutors:What did Michael Mann do with $70 million?
According to the complaint filed by federal prosecutors: Mann fraudulently obtained at least $70 million in loans from banks and other financial institutions. As part of that alleged fraud, he created companies that "had no purpose other than to be used in the fraud."