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

Sponsor Podchaser: https://cloudacctpod.link/reviews 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 . Subscribe Apple Podcasts: http://cloudacctpod.link/ApplePodcasts Spotify: http://cloudacctpod.link/Spotify Google Play: http://cloudacctpod.link/GooglePlay Stitcher: http://cloudacctpod.link/Stitcher Overcast: http://cloudacctpod.link/Overcast