eCrimeBytes S 1, Ep 11, Pt 1: The Mann Behind The Curtain: How Michael Mann’s Ponzi Scheme Crashed And Burned

How much would it take for you to lose your job, and your career, if you helped your friends make millions defrauding financial companies?  Did you say $11,300 in Amazon gift cards?  No?  Well that's what one criminal settled for from his "friends" in this scheme!

This week we look at a group of fraudsters that netted millions in loans between 2013 and 2019 using nothing more than fake paperwork and a handful of shell companies.  How were they able to go unnoticed for 3 years?  Why was a payroll company not able to pay 1000’s of their clients’ employees? We will look into these questions and more in this week’s episode #11 of eCrimeBytes.

Photo Credit: Will Waldron / Times Union

The crime ring:

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https://ecrimebytes.podbean.com/e/ecrimebytes-s-1-ep-11-pt-1-the-mann-behind-the-curtain-how-michael-mann-s-ponzi-scheme-crashed-and-burned

Sources:

• https://krebsonsecurity.com/2019/09/mypayrollhr-ceo-arrested-admits-to-70m-fraud/ 
• https://www.courtlistener.com/docket/16240561/cachet-financial-services-v-mypayrollhr/ 
• https://www.courtlistener.com/docket/16415208/parties/southwest-payroll-service-inc-v-pioneer-bancorp-inc/ 
• https://www.nbcnews.com/news/us-news/fbi-agents-raid-home-ceo-connected-payroll-processing-fraud-n1055591 
• https://www.courtlistener.com/docket/16241232/united-states-v-mann/ 
• https://www.courtlistener.com/docket/17436704/united-states-v-mann/ (More info)
• https://www.justice.gov/usao-ndny/pr/minnesota-man-pleads-guilty-conspiring-michael-mann-defraud-financing-companies 
• https://www.justice.gov/usao-ndny/pr/michael-mann-charged-bank-fraud 
• https://www.justice.gov/usao-ndny/pr/valuewise-ceo-michael-mann-sentenced-144-months-prison-100-million-fraud 
• https://dailygazette.com/2021/08/20/third-person-indicted-in-connection-with-manns-payroll-scheme/ 
• https://www.courtlistener.com/docket/16808173/united-states-v-steiner/ 
• https://www.courtlistener.com/docket/60330998/united-states-v-schwartz/
• https://www.timesunion.com/news/article/Michael-Mann-sentenced-to-12-years-in-prison-in-16363029.php

Chapters:

0:00 Intro

6:01 Music

7:10 Threesomes And Hitmen! Updates

12:51 Meet Michael T. Mann

15:09 How This Crime Worked

27:32 How Much Was Their Haul?

50:40 Identity Theft Too?

55:53 Steiner's Real Haul

59:24 Conclusion?