Payment firm bankrupted by MyPayrollHR’s collapse could be awarded $80 million (Times Union)


A California firm that was forced into bankruptcy after the collapse last year of Clifton Park-based MyPayrollHR in a $101 million fraud scandal could be awarded as much as $80 million by a federal judge, reports Times Union. The electronic payment firm, Cachet Financial Services, had to pay $26 million of its own money back to payroll processing clients of MyPayrollHR after MyPayrollHR CEO Michael Mann diverted tens of millions of dollars away from Cachet into his own accounts at Pioneer Bank and other financial institutions. Mann is facing up to three decades in prison and has agreed to $101 million in restitution to his victims.