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NY Payroll Company Vanishes With $35 Million
This communique came after employees at companies that depend on MyPayrollHR to receive direct deposits of their bi-weekly payroll payments discovered their bank accounts were instead debited for the amounts they would normally expect to accrue in a given pay period.
To make matters worse, many of those employees found their accounts had been dinged for two payroll periods — a month’s worth of wages —leaving their bank accounts dangerously in the red.
The remainder of this post is a deep-dive into what we know so far about what transpired, and how such an occurrence might be prevented in the future for other payroll processing firms.
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NY Payroll Company Vanishes With $35 Million
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
The last time I saw him he was walking down Lover's Lane holding his own hand.
-- Fred Allen
(Score: 0) by Anonymous Coward on Friday September 13 2019, @01:27PM (7 children)
This is the second response that ignores the fact you are commenting on a story that proves you are wrong. Stop with the canned responses and look at reality.
(Score: 4, Insightful) by Thexalon on Friday September 13 2019, @01:46PM (6 children)
This story doesn't prove I'm wrong: The legal entity and person that stole the money in this case are on the hook for repaying it, and in the meantime the banks are on the hook for allowing the reversal of deposits that didn't happen.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1, Insightful) by Anonymous Coward on Friday September 13 2019, @02:03PM (5 children)
"On the hook" meaning if the people who got screwed can pay the lawyers more they will get some of their money back... eventually.
(Score: 4, Insightful) by Thexalon on Friday September 13 2019, @05:19PM (4 children)
Whereas there have been multiple instances of people's Bitcoin being stolen by the management of the exchange they stuffed it in, and now it's just plain gone, lawyers or no lawyers. I'll take the option of lawyers and civil courts, as well as regulators like the OCC and FDIC, over everyone attempting to stuff Bitcoins in their virtual mattress (and subject to theft by anyone with access to that hard drive), or pseudo-banks that follow the rules of 1920's S&Ls if they follow any rules at all, thank you.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1, Informative) by Anonymous Coward on Friday September 13 2019, @05:31PM (3 children)
You obviously do not understand bitcoin. You can store it like a bearer bond if you want, or memorize a seed and store it mentally. If you give it to someone else to keep for you then that is between you and them.
(Score: 2) by hemocyanin on Friday September 13 2019, @10:17PM (2 children)
And that is different than cash? The issue here is that people gave other people money to move around and it appears to have been stolen somewhere in the moving around process. At least here there is some hope of getting the money back, unlike bitcoin exchanges. Secondly, a person can use their cash, or real coins, even when the power goes out and the internet goes black.
(Score: 0) by Anonymous Coward on Friday September 13 2019, @10:53PM (1 child)
The government can inflate away the value of your cash to zero.
(Score: 2) by legont on Saturday September 14 2019, @02:08AM
Just remember the definition: "money is a commodity used for exchange". Commodity. Something evenly useful for everybody in regular life. Everything else around is rust and stardust.
"Wealth is the relentless enemy of understanding" - John Kenneth Galbraith.