LEBANON — The owner of a payroll service for businesses in Vermont and New Hampshire is facing federal wire fraud charges for allegedly stealing $1.2 million from his clients.
Ryan Wall, owner of TSBS Payroll based in West Lebanon, was arrested last week in Florida, according to records filed in the United States District Court in Burlington, Vt.
Wall was indicted by a grand jury in Vermont on one count of wire fraud and one count of unlawful transportation of firearms last month. These indictments were under seal until his arrest, according to court records.
Wall’s company takes funds from client businesses, and uses it to issue payroll checks as well as pay taxes for the businesses, according to the indictment.
Wall started stealing money from his clients as far back as 2012, according to the indictment, though the thefts started getting out of hand last year. Wall’s use of prescription painkillers seems part of the equation, the affidavit says.
“(Wall) accomplished this theft by regularly issuing checks payable to himself, in excess of his authorized compensation, then cashing the checks or depositing them into a personal bank account,” the indictment states. “He also issued, without authorization, hundreds of checks to third parties. Those third parties then cashed the checks and gave the money back to Wall, or used the funds to buy drugs that were given to Wall.
Last year, Wall opened an online bank account to move money right from the TSBS accounts, the indictment alleges.
The thefts started getting noticed by clients and the government when TSBS didn’t have enough money in its accounts to cover federal and state payroll taxes.
“Because of these non-payments, TSBS Payroll clients now owe substantial sums of money for unpaid payroll taxes,” the indictment states