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PRESS RELEASE: CEO of Venture Capital Firm, JOSEPH McANDREW, Pleads Guilty to Fraud Charge

Department of Justice
U.S. Attorney’s Office
District of Connecticut
FOR IMMEDIATE RELEASE
Tuesday, April 5, 2016

CEO of Venture Capital Firm Pleads Guilty to Fraud Charge

Deirdre M. Daly, United States Attorney for the District of Connecticut, and Patricia M. Ferrick, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation, announced that JOSEPH McANDREW, 74, of Pawcatuck, pleaded guilty today before U.S. District Judge Victor A. Bolden in Bridgeport to one count of wire fraud stemming from his misuse of client funds.

According to court documents and statements made in court, McANDREW was the Chief Executive Officer and Managing Partner of Wall Street Venture Capital Ltd. (“WSVC”), which offered lending and brokerage services to prospective clients who were seeking to raise money for business ventures. McANDREW required each client who retained WSVC’s services to pay upfront fees of approximately $30,000, which he falsely represented would be used solely for expenses incurred in raising money on the clients’ behalf. In truth, McANDREW used the upfront fees he received from WSVC’s clients for personal expenditures, including to purchase stocks and pay personal credit card charges.

In total, McANDREW stole $317,628 from clients of WSVC who believed their money would be used to secure financing on their behalf. None of these clients ever received financing through WSVC.

Wire fraud carries a maximum term of imprisonment of 20 years. A sentencing date has not been scheduled.

McANDREW is released on a $25,000 bond.

This matter is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant U.S. Attorneys Avi M. Perry and Christopher W. Schmeisser.

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Most of the information you will see comes from some Federal/state Government documents or Federal/State Governm Agency. -----------------------------------------------The fellow that can only see a week ahead is always the popular fellow, for he is looking with the crowd. But the one that can see years ahead, he has a telescope but he can't make anybody believe that he has it. ~~~~Will Rogers __The woman who follows the crowd will usually go no further than the crowd. The woman who walks alone is likely to find herself in places no one has ever been before.~ Albert Einstein ~"I never work better than when I am inspired by anger; for when I am angry, I can write, pray, and preach well, for then my whole temperament is quickened, my understandingsharpen​ed, and all mundane vexations and temptations depart.” ~Dr. Martin Luther King Jr. _________________________________________________________________________________________ ~"The bosom of America is open to receive not only the Opulent and respectable Stranger, but the oppressed and persecuted of all Nations and Religions; whom we shall welcome to a participation of all our rights and privileges, if by decency and propriety of conduct they appear to merit the enjoyment".~___________________________________ George Washington, Address to the Members of the Volunteer Association of Ireland, December 2, 1783 Fredericacade@gmail.com

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