An Elkhart, Ind.-based payroll firm accused of fraud has filed for bankruptcy, according to the South Bend Tribune. IOI's founder Najeeb Khan allegedly initiated $120 million in wire transfers without sufficient funds. The company is now run by a group of consultants after Khan's resignation last month. The consultants hope by declaring bankruptcy, they can reorganize and eventually sell IOI. To date, seven former clients filed lawsuits against the company.
