Berkshire Bank impacted by MyPayrollHR closure

News

BOSTON (NEWS10) — Another local bank is reporting potential major losses as a result of the MyPayrollHR scandal.

In a recent filing, Berkshire Bank revealed it stands to lose at least $12 million.

MyPayrollHR CEO Michael Mann is facing allegations that he committed more than $70 million in bank fraud. His company in Clifton Park abruptly shut its doors at the beginning of September.

Locally-based Pioneer Bank also said it is expecting millions of dollars in losses.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

Get it on Google Play