A former venture capitalist is being charged with breaching his fiduciary duty and “usurping” his ex-employer’s funds to launch a separate investment vehicle that invested in TicketsNow, the online secondary market ticket exchange, according to an SEC complaint reviewed by sister Web site peHub.
In 2006, according to the civil complaint, Matthew Crisp, was then a partner with
The separate investment vehicle, called
In 2008, according to the complaint, Crisp received a $150,000 “transaction bonus” that reduced Adams Street’s buyout proceeds, according to the complaint.
“After discovering Crisp’s misconduct and conducting an internal investigation, Adams Street terminated Crisp on or about March 20, 2008,” according to the complaint. Adams Street then self-reported the matter to the SEC.
peHub could not contact Crisp for this story; Adams Street did not immediately respond to requests seeking comment.
(Jonathan Marino is editor/columnist at sister Web site peHub.)