re: Cloud Payroll Service goes out of business, steals money from customers on the way out

What stands out to me is he got at least in the millions if not tens of millions in loans on non existent companies/assets. I guess in the era of online banking all you really need to do is set up a website, a phone number and some social media profiles to look real. Still, wouldn't you have to have some form of financial footprint as a company that would be hard to fake?