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

SponsorPodchaser: https://cloudacctpod.link/reviewsShow Notes01:41 – 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 saying26:30 – 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 ServicesThe Cachet Crisis Hotline number is 877-579-8557Connect with Our Guest, Wendy Slavkin, General Counsel for Cachet Financial Serviceshttp://slavkinlaw.comhttps://twitter.com/slavkinLawGet in TouchThanks 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. SubscribeApple Podcasts: http://cloudacctpod.link/ApplePodcastsSpotify: http://cloudacctpod.link/SpotifyGoogle Play: http://cloudacctpod.link/GooglePlayStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast