The CEO of MyPayrollHR's parent company was charged with bank fraud in federal court Monday.

The U.S. Attorney's Office and the FBI made the announcement Monday that Michael Mann, 49, was charged with $70 million of bank fraud in connection with the abrupt shutdown of MyPayrollHR, which left people across the country missing paychecks from their bank accounts.

"He created companies that had no purpose other than to be used in the fraud; fraudulently represented to banks and financing companies that his fake businesses had certain receivables that they did not have; and obtained loans and lines of credit by borrowing against these non-existent receivables," the statement from U.S. Attorney Grant Jaquith's office read in part.

Last week, the FBI raided an Edinburg property that Mann owns.

Mann was released on bond following his appearance; if convicted, he faces up to 30 years in prison and a fine of no more than $1 million.