The CEO of a venture capital firm has pleaded guilty to fraud.
Joseph McAndrew of Pawcatuck pleaded guilty in Bridgeport to one count of wire fraud stemming from his alleged misuse of client funds.
According to the trial, McAndrew was the CEO and managing partner of Wall Street Venture Capital Ltd. (WSVC), which provided lending and brokerage services to individuals looking to raise money for business ventures. McAndrew allegedly charged clients for upfront fees of approximately $30,000 for expenses to raise money on the client’s behalf. Instead, McAndrew allegedly used the fees for personal use, including purchasing stocks and paying off personal credit card debt.
In total, McAndrew allegedly stole $317,628 from clients who never received financing through WSVC. He faces up to 20 years in prison for wire fraud. Sentencing has yet to be scheduled. McAndrew has been released on a $25,000 bond.




