Cornerstone wants its $5 million back | AspenTimes.com
YOUR AD HERE »

Cornerstone wants its $5 million back

Aspen Times Staff Report

Cornerstone Private Capital, LLC, is attempting to recover $5 million it recently reimbursed to 40-plus investors who lost money through the misdeeds of the company’s former president.

Michael R. Wise, former Cornerstone president, admitted last September to “misappropriating” the funds. Soon after his announcement, Cornerstone announced it would pay back all the people who lost money.

Thomas McCloskey, Cornerstone’s president and CEO, said the bridge loan company will try to recover that money from Wise via a receivership that was instituted on Oct. 16, 1998.

“We basically stepped up and made everybody else whole,” said McCloskey. “Now we’re going to try to recuperate those funds from Michael Wise’s assets.”

The receivership effectively froze Wise’s assets and holdings, placing them under the control of a court-appointed receiver. Pitkin County District Court will officiate over the dispersal of those liquidated assets and holdings after March 22, when all claims against Wise must be filed.

Wise has not been arrested. The investigation into his financial improprieties is currently being handled by federal authorities.


Support Local Journalism

Support Local Journalism

Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User