canrock investigated in investment scandal

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

Search

LikeUsOnFacebook!

LIUPostPioneer

483peoplelikeLIUPostPioneer

Facebooksocialplugin

Like

LatestIssue

CatchUpWithThe

NEWS FEATURES OPINIONS ARTS AND ENTERTAINMENT SPORTSCAMPUS EVENTS ALUMNI

About Contact Us Advertise Letters PDF Archives

02/04/2015 CanrockInvestigatedinInvestmentScandal|

http://liupostpioneer.com/2014/11/05/canrocksuedininvestmentscandal/ 2/4

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.

LIUPostStudentMagazine

FollowUsOnTwitter

Mondaynightlayout!!Gearingupforthenewestissue!!#postthenews2daysago

Greatmeetingtoday!Lookingforwardtothisweek'sissue:)#postthenews2daysago

CongratsHeatherNorris,SprtsEdit.1112,newpositionwBalt.SunMedia:Reporter4Catonsville/ArbutusTimeshttp://t.co/m0WImOSeQV1weekago

Follow@LIUPostPioneer

GetThePioneerDeliveredStraightToYourInbox

Enteryouremailaddressbelowtoreceivenotificationsofweeklyheadlinesbyemail.

Join107otherfollowers

Enteryouremailaddress

Follow

YouMayLike

1.

About these ads

02/04/2015 CanrockInvestigatedinInvestmentScandal|

http://liupostpioneer.com/2014/11/05/canrocksuedininvestmentscandal/ 3/4

InMemoryofDr.SeanGrennan TheresaMidtermElection?

Sharethis:

Print Email Facebook 2 Twitter Tumblr

Categories: FrontPage , News

LeaveaReply

RECENTPOSTS

NewDeanAppointedfor

CollegeofLiberalArts

andSciences

AlarmedDoorsin

BrookvilleHall

NewFoodAdditions

toCampus

InMemoryof

EmilyLehrman

LibraryNotice

BackbyPopular

Demand:TheWCWP

ScavengerHunt

EscortService:Youll

NeverWalkAlone

ProfessorProfile:

LindaVila

GETTHEPIONEERDELIVEREDSTRAIGHTTOYOURINBOX

Enteryouremailaddressbelowtoreceivenotificationsofweeklyheadlinesbyemail.

Join107otherfollowers

Enteryouremailaddress

Follow

AbigailBrosnanAdriannaAlvarezAlea

RahimAlexParkerAlyssaSeidmanAmandaBernoccoAndreaDeignanasya

ashourbandbreastcancer

awarenessChangesChrista

SperanzaChristianArnoldChristinaMorgeracollegeDanDegermanDaniNaess

HellesundDavidOterodormsdrinkingEirikBjornofashionFeaturesfieldhockeyfood

footballGabriellaIanirohealthHeatherNorrisHillwood

homecominginterview

FOLLOWUSONTWITTER

Mondaynightlayout!!

Gearingupforthenewest

issue!!#postthenews

2daysago

Greatmeetingtoday!

Lookingforwardtothis

week'sissue:)

#postthenews

2daysago

CongratsHeatherNorris,

SprtsEdit.1112,new

positionwBalt.Sun

Media:Reporter4

Catonsville/ArbutusTimes

http://t.co/m0WImOSeQV

1weekago

Mondaynightlayout!!Get

readyforthisweek's

Like

Bethefirsttolikethis.

Follow

Follow Get every new post deliveredto your Inbox.

Join 107 other followers

Enteryouremailaddress

Signmeup

Build a website with WordPress.com

02/04/2015 CanrockInvestigatedinInvestmentScandal|

http://liupostpioneer.com/2014/11/05/canrocksuedininvestmentscandal/ 4/4

SteveLiebling:InWitha

BigBangTheory

Column:The

StudyEnvironment

iphoneJacklynStringhamJessicaO'DonnellJULIAN

WILSONJuliaRosenJulieBaumgartenKahleelBraggKhadija

GreenidgeKristianeAateigenKristy

OconnelllacrosseLIUPostlunchMaximeDevillazMeganDraghi

MichaelOteroMichelleMoreyMimmiMontgomerymusicNewYorkOliviaWicikOlufunmilayoCoker

opinionPaulKalisPete

BarellPioneersradio

stationRebeccaMartelottirelationshipcolumnreviewRobert

RockefellerSamanthaBishal

seniorspotlightSGA

SoccersportsThePioneerTiaMonaGreeneTinaKasintipsWCWPwinwomen's

soccer

issue:D#postthenews

1weekago

Pioneermeetingtomorrow

at12:30!!Hopetosee

youthere:D

#postthenews

1weekago

theislandnow.com/sports

/postlaCheckoutthis

articlepublishedonThe

IslandNow,writtenby

Asst.SportsEditor

ThomasScavetta!!

#postthenews

1weekago

Follow@LIUPostPioneer

CREATEAFREEWEBSITEORBLOGATWORDPRESS.COM.|THEOPTITHEME.