Canrock Ventures

The case of the $2M (and counting) stay-home dad

By GREGORY ZELLER // Philip Smith follows plenty of leads. It makes sense the Port Jefferson native and lifelong Suffolk County resident would land in the lead-generation business. Smith is a true entrepreneurial detective, more apt to study a problem than to charge ahead, always picking up clues to unravel the bigger mystery. It’s evident throughout his tactical business career. After earning an online degree from the University of Phoenix, the then-23-year-old started his first…


Fasciano fund ‘recklessly misused’ fed investment

Canrock Ventures, the venture capital firm founded by onetime tech wunderkind Mark Fasciano, “recklessly misused” $1.6 million in federal funds by investing the money in startups in its own portfolio, a lengthy U.S. Treasury Department audit has concluded. The federal program dates back to 2012, when Washington awarded $55.4 million to New York under the State Small Business Credit Initiative program, which was designed to spur the growth of technology companies following the recession. New…