New York, US authorities have sentenced Northville resident Michael T. Mann for laundering more than $1 billion in stolen funds from employers, employees, financial institutions, and financing companies. Mann owned the shuttered payroll service companies MyPayrollHR and ValueWise, among others.
Between 2016 and 2019, Mann diverted to self-controlled business accounts tens of millions of dollars in payroll funds that he held on behalf of client-employers to pay their employees paychecks and taxes. This scheme ultimately left thousands of employees in financial distress.
Mann’s fraudulent practices were revealed in 2019 when a bank became suspicious and froze his accounts. In August 2020, Mann had been ordered to pay more than $100 million in restitution to his victims. Now, Mann has pleaded guilty to money laundering and has been sentenced to 8 to 24 years in prison. Besides his New York state sentence, Mann has received another 12-year-long prison sentence by US federal authorities for conspiracy to commit wire fraud, aggravated identity theft, bank fraud, and false tax return filing.