Pawcatuck Man, Venture Capital Firm CEO Sentenced for Misuse of Client Funds

BRIDGEPORT, CT - A Pawcatuck man and Venture Capital Firm CEO was sentenced Monday to 30 days of imprisonment for misusing client funds.

The sentence will be followed by six months of home confinement and three years of supervised release, according to a release.

Joseph McAndrew, 75, 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. Court documents said he then used the upfront fees he received from clients for personal expenditures, including to purchase stocks and pay personal credit card charges.

In total, the suspect 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.

McAndrew pleaded guilty to one count of wire fraud in April and was ordered to pay full restitution.
He was sentenced below the recommended sentencing guidelines range (27 to 33 months of imprisonment) due to his health condition.

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