Ex-Payroll Co. CEO Gets 12 Years For $100M Bank Fraud

By Rachel Scharf (August 4, 2021, 6:33 PM EDT) -- The former CEO of a shuttered New York payroll company faces at least 12 years in prison after being hit with combined federal and state sentences Wednesday for conning banks and financial institutions into lending him more than $100 million before repaying the loans with stolen customer funds.

U.S. District Judge Lawrence E. Kahn sentenced ex-ValueWise Corp. head Michael T. Mann, 51, to 12 years in federal prison for wire fraud conspiracy, aggravated identity theft, bank fraud and filing a false tax return. Meanwhile, Saratoga County Judge James A. Murphy III hit Mann with an 8-24 year state prison sentence on...

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