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02/04/2015 CanrockInvestigatedinInvestmentScandal|
http://liupostpioneer.com/2014/11/05/canrocksuedininvestmentscandal/ 1/4
HOME FRONT PAGE CANROCK INVESTIGATED ININVESTMENTSCANDAL
CanrockInvestigatedinInvestmentScandalBY POSTPIONEER on NOVEMBER 5, 2014 ( 0 )
ByRebeccaMartelottiAssistantFeaturesEditor
CanrockVentures,thefouryearoldearlystagetechnologyventurecapitalcorporationthatmovedontocampusduringThanksgivingweekend2013,failedtonotifyNewYorkStateofficialsofpotentialconflictsofinterest.Thecompanyinvestedtaxpayermoneyinlocaltechnologystartups,accordingtoarepresentativeatEmpireStateDevelopment(ESD),NewYorkschiefeconomicdevelopmentagency.
ThePioneerreportedonApril23,2014,thatCanrockwasbeingreviewedbytheUnitedStatesDepartmentofTreasuryand(ESD)becausetheyfailedtoinformNewYorkStateofficialsthattheyinvestedfederalmoneyintocompaniestheyownedaportionof.TheinvestigationbeganinNovember2013,andisongoing.CanrockVenturesreceived$5.7millionin2012fromNewYorkStateaspartoftheInnovateNYFund,whichwascreatedin2011,andinvestsintechnologystartupsthroughventurecapitalfirmsbasedinNewYorkState.
CanrockVenturesreceivedthefundssoitcouldinvestintechnologystartupsonLongIslandandinNewYorkCity.ThefourcompaniesthatCanrockVenturesinvestedinareallpartiallyownedbythecompany,andarelocatedattheirLIUPostoffices,accordingtoaNewsdayarticlepublishedonOct.15,2014.Thearticle
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02/04/2015 CanrockInvestigatedinInvestmentScandal|
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CanrockVenturesdidntreportpotentialconflictsinLItechinvestments,officialssaywaswrittenbyJamesMadore.Accordingtothearticle,CanrockVentureshasputnearly$2millionofInnovateNYfundsintofivestartupswhereitiseitherthelargestshareholderorownsasignificantstake.
Wearelookingintopotentialconflictsofinterestwiththecompanyandcertaininvestmentstheymadewithinthecompany,saidJasonConwall,PressSecretaryforESD.Thereisaseriousreview[beingconducted]ofinvestments,theinvolvementofMarkFasciano,andCanrockVenturesoverall,andhowmuchofanownershipstakeFascianohasinthecompaniesthattheinvestmentswentto,Conwallsaid.
MarkFascianoisthemanagingdirectorofCanrockVenturesatThoughtBox1inHicksville,andthefounderofthebusinessincubatorThoughtBox@LIU.Fascianodeclinedtocommentabouttheinvestigation.
ThereisacoordinatedeffortbetweentheinvestigationsofESDandtheUnitedStatesDepartmentofTreasury.Theinvestigationiscoordinatedbutseparate,Conwallsaid.
Canrocksofficeswereoriginallylocatedinthebasementofthelibrary,butmovedtonewofficesonthethirdfloorofHillwoodCommonsinearlySeptember,accordingtoWilliamKirker,directoroftheFacilitiesDepartment.Kirkerdidnotknowthedetailsofthecompanysleaseagreementwiththeuniversity.
TheofficeofPresidentDr.KimberlyClinedidnotcommentontheinvestigation.ThePioneerreceivedaresponsefromDianneZoppa,DirectorofPublicRelationsforLIU.Zoppasaid,LIUPostdoesnotcommentontheinvestigationsofothercompanies.
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