Berkshire Bank’s parent company is taking an approximately $12 million hit to its third-quarter profits as the result of potential fraud that took place at a commercial client, it said in a securities filing Monday. While the filing did not identify the company, it is likely MyPayrollHR, an upstate New York payroll-processing firm whose owner has been criminally charged in a $70 million bank fraud in a scandal that has affected businesses across the country.
Berkshire takes $12M hit on client linked to fraud
