Former Indianapolis payroll exec pleads guilty in $9.4M fraud scheme

By Indianapolis Business Journal Staff An Indianapolis man who operated a downtown payroll services business pleaded guilty to federal charges Friday after admitting to conducting a fraud scheme that cost his clients and Internal Revenue Service more than $9.4 million, the U.S. Attorney’s Office announced. David Downey, 50, who ran Time Payroll from 2009 to 2017, faces a possible prison sentence of six years, plus fines of up to $750,000. He also could be ordered to pay restitution to his clients and the IRS. U.S. District Judge Catherine Perry scheduled sentencing for Dec. 13. Downey, who had clients in Indiana, Illinois, Kentucky and...

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