Calif payroll company leaves clients in the lurch
LOS ANGELES (AP) -- Dozens of small-business owners say the manager of a Los Angeles payroll company has disappeared along with hundreds of thousands of dollars of their money.
The Los Angeles Times reports (http://lat.ms/1enlM4b) LA Payroll's clients first realized something was wrong in December when they received late-tax letters from the IRS and the state.
They called the company and learned the money in their impound accounts was gone, and so was Tovmas Grigoryan, LA Payroll's owner.
Employees say the 56-year-old Grigoryan personally oversaw tax impound accounts.
The Times reports clients' individual losses range from hundreds of dollars to more than $350,000. By one estimate, a total of $4 million is missing.
His brother, Ruben Grigoryan, says Tovmas left for Russia after Christmas.
The Department of Homeland Security says it is looking into the allegations.
Information from: Los Angeles Times, http://www.latimes.com