Pawcatuck CEO sentenced for misusing more than $300K in client funds
BRIDGEPORT — Federal authorities in Connecticut said the chief executive officer of a New York City venture capital firm will spend less than a year behind bars for misusing more than $300,000 of clients’ funds.
The U.S. Attorney’s Office said Joseph McAndrew, of Pawcatuck, was sentenced Monday in Bridgeport to a 30-day prison term, six months of home confinement and three years of supervised release. He was also ordered to pay full restitution.
The 75-year-old McAndrew pleaded guilty to one count of wire fraud in April.
Authorities said McAndrew stole about $317,628 from clients who came to Wall Street Venture Capital because they wanted to raise money for their business ventures.
Authorities said McAndrew used the money for personal expenses, including buying stocks and paying off credit cards.