The Accounting Podcast

Going deep on the MyPayrollHR fraud with Wendy Slavkin of Cachet Financial Services


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Show Notes

  • 01:41 – General Counsel Slavkin describes Cachet Financial Services as a sort of third-party vendor for payroll processing companies.  
  • 05:59 – Every ACH provider has their own patented process for payroll 
  • 06:45 – How MyPayrollHR’s owner, Michael Mann, did the deed, in technical detail  
  • 09:03 – Slavkin claims the  assorted employee banks are to blame for the whole payment reversal fiasco 
  • 10:32 – According to Slavkin, banks have 60 days to either accept or reject reversal files 
  • 11:29 – Cachet eventually decided to return all funds to the affected employees, using their own funds 
  • 12:10 – Though Cachet covered the payroll, some employees have yet to receive their funds back 
  • 13:32 – Slavkin notes that employee banks are waiving overdraft and other fees related to this incident 
  • 14:18 – NACHA’s statement re payroll-deposit reversals | Personnel Today  
  • 14:38 – Slavkin doesn't agree with NACHA's claim about reversing payroll deposits.  
  • 16:21 – Lesson learned: ABC - Always Be Cautious ... Before the MyPayrollHR event, Cachet never had controls in place to detect fraudulent activity from the client side. Now, after the fact, they do.  
  • 18:56 – According to Slavkin, Pioneer Bank is holding at least some of their money "in trust" ... They just have to find a way to get it. 
  • 23:18 – Timeline of the aftermath – from discovery through contacting FBI and more 
  • 24:38 – Wall Street Journal reports that Mann is cooperating with the U.S. Attorney and FBI ... | The Wall Street Journal  
  • 25:02 – Where in the world is Michael Mann? Either nobody knows, or they're not saying
  • 26:30 – Blood and turnips - Slavkin was unable to accomplish much of anything when she contacted the FBI for help 
  • 31:50 – Pioneer Bank – another victim? | Times Union  
  • 33:30 – Was this a crime of desperation, or a crime of greed? 

Connect with Cachet Financial Services

  • The Cachet Crisis Hotline number is 877-579-8557

Connect with Our Guest, Wendy Slavkin, General Counsel for Cachet Financial Services

  • http://slavkinlaw.com
  • https://twitter.com/slavkinLaw

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus

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The Accounting PodcastBy Blake Oliver & David Leary

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