A New York man has been sentenced in a billion-dollar money laundering scheme. The announcement came from New York's Attorney General Letitia James. Michael T. Mann committed the crimes between 2016 and 2019. He laundered more than $1 billion, which came from stolen monies.

According to the New York Attorney General's Office,

During those three years, Mann diverted tens of millions of dollars in payroll funds he held on behalf of client-employers to pay their employees paychecks and taxes, ultimately leaving thousands of employees in New York and across the country in financial distress.

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The Attorney General filed a charge against Mann in August of 2020. He has to pay restitution of $100 million to his victims. Mann must serve 12 years behind bars in federal prison. He pleaded guilty to,

one count of Conspiracy to Commit Wire Fraud, one count of Aggravated Identity Theft, nine counts of Bank Fraud, and one count of Filing a False Tax Return.

The Attorney General's website says that Mann owned over 12 businesses, including ValueWise Corporation and MyPayrollHR.com, LLC. He used these companies to embezzle more than $1 billion. He stole money through the payroll accounts he owned using his other business accounts.

More than 800 employers paid over $28 million in payroll, which Mann stole for his own uses. Attorney General James said,

Over the course of just a few years, Michael Mann laundered more than $1 billion on the backs of thousands of employees and businesses in New York and across the nation. While his unlawful and heartless Ponzi-like scheme left his innocent victims devastated, let this man’s sentence serve as a warning that this kind of mass deception and fraud will not be tolerated. My office remains committed to holding accountable anyone who greedily exploits New Yorkers and sows financial chaos for their personal profit.

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