Cash and Go: Cachengo’s House of Cards Shaken Up Amidst Payroll and Leadership Issues

After months of payroll delays and growing frustration among staff, Carroll County-based technology company Cachengo, Inc., has removed its top executives following what insiders describe as a shareholder revolt.

A leaked internal email states that “Effective immediately, Ash Young, Janae Young, Aurora Young, Ariel Floyd, Parker Floyd, and Jeremy Beaulieu are no longer affiliated with Cachengo.”

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It goes on to say, “Their removal was a direct result of a shareholder vote which was instigated by two factors: A whistleblower report on the misuse of company funds and the associated result of no operating cash for the company.”

The “no operating cash” statement, employees say, explains months of missed paychecks.

Payroll Issues

One employee said paychecks have stopped for more than two months. They even said that former CEO Ash Young had fired some workers after repeated attempts to ask when they would be paid.

Some have reportedly not received paychecks since the end of August, and promises that they would finally get paid have come up empty.

“We were told help was coming, but it never did,” one former worker said. “People are selling personal property just to make ends meet.”

While no official number is readily available, it is estimated that Cachengo employs over 100 individuals, locally.

This is not the first time the company has allegedly failed to make payroll.

Some former employees explained that it has happened multiple times over the past four years at least.

“This isn't even the longest we’ve gone without payment,” they said. Employees allegedly once went nearly six months without a paycheck.

On November 4, a review on the job-search website, Glassdoor, says, “THEY DO NOT PAY [THEIR] EMPLOYEES. So far, I’ve missed three paychecks and keep getting promised that money is coming into the company.”

Another review claimed the company “takes advantage of young people, high school and college graduates with poverty-level wages,” and said employees were urged to move into company-owned housing so management could justify paying them less.

One advertised perk of employment at Cachengo is access to company-provided housing. However, several employees say that arrangement comes with a caveat.

The homes are owned by the company or its executives, and no formal leases were signed. That means workers who lose their jobs, or whose departments are shut down, can be asked to leave immediately.

With paychecks already months behind, that has left some employees anxious about keeping a roof over their heads.

Property Holdings and Financing

Records show that Ash Young, either personally or representing Cachengo, signed at least 25 deeds totaling $10.3 million in real-estate purchases across Carroll County.

Roughly $4.3 million of that is financed directly by sellers rather than banks.

Around half of the properties contain residential units.

Of the properties that utilize this type of financing, the McKenzie Regional Hospital building is one of them.

In 2022, Cachengo purchased the property from the McKenzie Industrial Development Board.

While the purchase price is not mentioned in tax records, the loan amount fronted by the board totals $850,000.

Local Tax Footprint

Collectively, the 25 parcels tied to Cachengo and Ash Young generate more than $74,000 in annual property tax revenue, according to county records.

Of that amount, roughly $29,900 goes to Carroll County; $24,800 is split between Huntingdon and McKenzie Special School Districts; and $19,300 is split between Huntingdon and McKenzie.

The company’s real estate holdings represent one of the larger private property portfolios in the county.

Ramifications of Non-payment and Default

Should Ash Young or Cachengo fail to make payments on these loans or taxes, the effects would extend well beyond the company itself.

The employees living in company-owned housing could face eviction with little notice, and for those who relocated to Carroll County specifically for the job, the impact could be more devastating.

Not only could they lose their home, some employees also drive company vehicles. If those payments aren’t made, they’d lose transportation, as well.

Defaults would also mean lost tax revenue for local governments and schools. This increases the chance for property tax hikes in the future.

County officials have not yet commented on the company’s standing with local tax rolls.

Multiple lenders have reported that Young has failed to stay current on payments.

What's Next?

Cachengo, when they opened operations in 2020, once promised to bring hundreds of high-paying tech jobs to Carroll County.

They sold the idea of a bustling and expanding technology sector becoming for our area what the railroad and textile industries once were.

Through what appears to be financial mismanagement, overextension, and broken promises, the sky is no longer the limit for Cachengo, and the house of cards is on shaky ground.

As new leadership regroups and determines a path forward, many unpaid current and former employees are still waiting.

“I don’t want to see anybody hurt,” one person said. “I just want to see people get paid and for the truth to come out.”

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Cash and Go: Cachengo’s House of Cards Shaken Up Amidst Payroll and Leadership Issues

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