- New York AG Letitia James announced that the owner of several payroll companies, Michael T. Mann, pleaded guilty to and was sentenced for one felony count of Money Laundering in the First Degree for laundering funds stolen from employers, employees, financial institutions, and financing companies.
- The complaint alleged, among other things, that Mann diverted tens of millions of dollars in payroll funds entrusted to his companies by thousands of client-employers nationwide for paychecks and taxes, and that he used these funds to meet the financial obligations of his businesses, including paying down business loans and lines of credit. Mann’s money-laundering activities through illegal transfers between the accounts of his various businesses amounted to over $1 billion.
- According to the AG’s office, under the terms of the plea deal, Mann pleaded guilty to the money laundering count and was ordered to pay more than $100 million in restitution. In addition, the Saratoga County Court sentenced Mann to 8 to 24 years in state prison.