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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
Get in Touch
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