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INVESTMENTSCANDAL

CanrockInvestigatedin
InvestmentScandal
BY POSTPIONEER on NOVEMBER 5, 2014

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LIUPostPioneer

ByRebeccaMartelotti
AssistantFeaturesEditor

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CanrockVentures,thefouryearoldearlystagetechnologyventure
capitalcorporationthatmovedontocampusduringThanksgiving
weekend2013,failedtonotifyNewYorkStateofficialsofpotential
conflictsofinterest.Thecompanyinvestedtaxpayermoneyinlocal
technologystartups,accordingtoarepresentativeatEmpireState
Development(ESD),NewYorkschiefeconomicdevelopment
agency.

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ThePioneerreportedonApril23,2014,thatCanrockwasbeing
reviewedbytheUnitedStatesDepartmentofTreasuryand(ESD)
becausetheyfailedtoinformNewYorkStateofficialsthatthey
investedfederalmoneyintocompaniestheyownedaportionof.
TheinvestigationbeganinNovember2013,andisongoing.
CanrockVenturesreceived$5.7millionin2012fromNewYork
StateaspartoftheInnovateNYFund,whichwascreatedin2011,
andinvestsintechnologystartupsthroughventurecapitalfirms
basedinNewYorkState.
CanrockVenturesreceivedthefundssoitcouldinvestin
technologystartupsonLongIslandandinNewYorkCity.Thefour
companiesthatCanrockVenturesinvestedinareallpartiallyowned
bythecompany,andarelocatedattheirLIUPostoffices,according
toaNewsdayarticlepublishedonOct.15,2014.Thearticle
http://liupostpioneer.com/2014/11/05/canrocksuedininvestmentscandal/

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CanrockVenturesdidntreportpotentialconflictsinLItech
investments,officialssaywaswrittenbyJamesMadore.According
tothearticle,CanrockVentureshasputnearly$2millionof
InnovateNYfundsintofivestartupswhereitiseitherthelargest
shareholderorownsasignificantstake.
Wearelookingintopotentialconflictsofinterestwiththecompany
andcertaininvestmentstheymadewithinthecompany,saidJason
Conwall,PressSecretaryforESD.Thereisaseriousreview[being
conducted]ofinvestments,theinvolvementofMarkFasciano,and
CanrockVenturesoverall,andhowmuchofanownershipstake
Fascianohasinthecompaniesthattheinvestmentswentto,
Conwallsaid.
MarkFascianoisthemanagingdirectorofCanrockVenturesat
ThoughtBox1inHicksville,andthefounderofthebusiness
incubatorThoughtBox@LIU.Fascianodeclinedtocommentabout
theinvestigation.
ThereisacoordinatedeffortbetweentheinvestigationsofESDand
theUnitedStatesDepartmentofTreasury.Theinvestigationis
coordinatedbutseparate,Conwallsaid.
Canrocksofficeswereoriginallylocatedinthebasementofthe
library,butmovedtonewofficesonthethirdfloorofHillwood
CommonsinearlySeptember,accordingtoWilliamKirker,director
oftheFacilitiesDepartment.Kirkerdidnotknowthedetailsofthe
companysleaseagreementwiththeuniversity.
TheofficeofPresidentDr.KimberlyClinedidnotcommentonthe
investigation.ThePioneerreceivedaresponsefromDianneZoppa,
DirectorofPublicRelationsforLIU.Zoppasaid,LIUPostdoesnot
commentontheinvestigationsofothercompanies.

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