orchestrated a brazen scheme to facilitate cheating on admission tests and bribery of college athletics coaches, all to help children of wealthy parents obtain admission to prestigious universities, acketeering and money laundering conspiracies in hopes that aiding government investigators would help him obtain a lenient sentence. Mr. Bluestein, who has held several leadership roles in his nine years with the Company, has served as Hercules’ interim CEO since March 2019 and as Chief Investment Officer since 2014. Hercules' interim Chairman is Lead Independent Director Robert Badavas and Hercules named Chief Investment Officer Scott Bluestein as interim CEO. Opinions expressed by Forbes Contributors are their own. For the five years ending 2018, revenues fell at a 0.7% annual rate to about $131 million while net income declined at 4.9% annual rate to $77 million. 400 Hamilton Ave. Suite 310, Palo Alto, CA 94301. I began following stocks in 1981 when I was in grad school at MIT and first analyzed tech stocks as a guest on CNBC in 1998. Prior to his arrest in March, Henriquez was chairman and CEO of Palo Alto, California-based Hercules. Bluestein joined Hercules in … The strength of our platform today is a testament to the considerable contributions of the entire Hercules team and their work with our portfolio companies and our many VC and sponsor partners. (Photo by Scott Eisen/Getty Images). I became a Forbes contributor in April 2011. “Scott possesses deep knowledge of our market, our existing debt and equity investment portfolio and he has played a vital role in both defining our underwriting strategies and bringing an ethos of discipline to the investment process, which is critical to our success. Jeff Brown, an attorney for the couple, declined to comment on the charges outside the courtroom. HTGC stock is now below $7, so it is valued at a discount of 30% of the company’s $10.55 book value. in commitments. Mr. Bluestein has also been elected to Hercules’ board of directors. Singer is among several charged in an alleged college admissions scam involving parents, ACT and SAT administrators and coaches at universities including Stanford, Georgetown, Yale, and the University of Southern California. Bluestein joined Hercules in 2010 as Chief Credit Officer and was promoted to Chief Investment Officer in 2014. Manuel Henriquez, whose alleged role in the sweeping college admissions scandal led to his resignation from his own firm, Hercules Capital, will cop to charges in Boston federal court Monday. The founder and CEO of Hercules -- until March 12 -- was Manuel Henriquez who owns 2.3% of the company's stock, according to its most recent proxy filing. Prior to that, he was Partner, VantagePoint Venture Partners, a $2.5 billion multi-stage technology venture fund; and President and Chief Investment Officer, Comdisco Ventures, a division of technology and financial services company. By Nate Raymond. Soon after graduating from Northeastern, Henriquez joined BancBoston Ventures, a Bank of Boston venture capital group. (http://www.babson.edu/Academics/faculty/profiles/Pages/Cohan-Peter.aspx), © 2020 Forbes Media LLC. Since inception (December 2003), Hercules has committed more than $8.9 billion to over 460 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Hercules Capital is the largest business development company focused on venture lending, and the lender of choice for innovative entrepreneurs and their venture capital partners. Hercules Capital, Inc. mhara@htgc.com. He simultaneously served as the vice president of the Bank of Boston. "The board’s decision reflects our strong belief that Scott is the right person to lead Hercules in its next phase of growth. The Henriquezes agreed to pay Singer $100,000 to help another daughter to cheat on ACT and SAT exams, but he credited them $75,000 in exchange for Manuel Henriquez’s help getting another one of Singer’s clients admitted to Northeastern, according to the affidavit. Sadly, its free cash flow has been negative in each of those years -- hitting about negative $249 million in 2018. Two high-profile actresses and a slew of top business executives, including a former head of Pimco and a founder of Hercules Capital, were among 50 … Its CEO was charged in the College Cheating Scandal and he has resigned. The Hercules Capital team is made up of experts with years of experience across the financial and investment sectors. Bluestein has served as interim CEO since March 2019. Companies interested in learning more about financing opportunities should contact info@htgc.com, or call 650.289.3060. Thanks to this team, our team building has truly taken a huge step forward and helped build moral even when things are rough in the office. Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has six outstanding bond issuances of: This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. After that student was admitted to Northeastern, his parents allegedly paid Singer $250,000. From 2010 through 2013, Mr. Bluestein served as the Company’s Chief Credit Officer. PALO ALTO, Calif.--(BUSINESS WIRE)--Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or “the Company”) today announced that its board of directors has appointed Scott Bluestein as Chief Executive Officer and President, effective immediately. Much confusion and a big drop in market capitalization ensues. Visit our website and meet our team. Now its chief investment officer is taking over as its interim CEO. Hercules' interim Chairman is Lead Independent Director Robert Badavas and Hercules named Chief Investment Officer Scott Bluestein as interim CEO. Jeff Brown, an attorney for the couple, declined to comment on the charges outside the courtroom. Elizabeth Henriquez was arrested along her husband. HERCULES CAPITAL INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. I also teach business strategy and entrepreneurship at Babson College in Wellesley, Mass. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the Securities and Exchange Commission. Investor Relations and Corporate Communications He was charged alongside his wife, Elizabeth Henriquez, who has pleaded not guilty. Manuel Henriquez, founder and former CEO of Palo Alto-based Hercules Capital, was sentenced Wednesday to six months in prison for his part in … Hercules Capital named Scott Bluestein chief executive officer and president and elected him to the company’s Board of Directors. Michael Hara Singer is among several charged in an alleged college admissions scam involving parents, ACT and SAT administrators and coaches at universities including Stanford, Georgetown, Yale, and the University of Southern California. He joined Hercules in 2010. All Rights Reserved, This is a BETA experience. In a statement, Northeastern told NBC10 Boston that the university "evaluates each applicant on the merits of their application. Comdisco, according to its 2018 10K/A. Federal prosecutors allege that Henriquez, … 650-433-5578 Hercules Capital is a Palo Alto, Calif.-based publicly-traded purveyor of venture debt. Mr. Henriquez has voluntarily stepped aside but will continue as a member of the Company’s Board and an adviser to the Company. Hercules Capital's shares slumped ~10 percent on Tuesday of last week. Hercules, Inc., was a chemical and munitions manufacturing company based in Wilmington, Delaware, incorporated in 1912 as the Hercules Powder Company following the breakup of the Du Pont explosives monopoly by the U.S. Manuel Henriquez, CEO and founder of Palo Alto, California-based hedge fund and venture capital investment firm Hercules Capital, was arrested in … Robert P. Badavas elected Chairman of the Board of Directors, Company formally separates the roles of Chairman and CEO to enhance corporate governance. Read full article. IPO and M&A exits. Its investment objective is to maximize our portfolio's total return by generating current income from its debt investments and capital appreciation from its warrant and equity-related investments.". ", Henriquez and his wife were charged with paying Singer on a few occasions. According to the Boston Globe. BOSTON, MA - MARCH 12: William 'Rick' Singer leaves Boston Federal Court after being charged with... [+] racketeering conspiracy, money laundering conspiracy, conspiracy to defraud the United States, and obstruction of justice on March 12, 2019 in Boston, Massachusetts. I would like to thank everyone for their tremendous support during our transition.”. he Henriquezes agreed to pay Singer $100,000 to help another daughter to cheat on ACT and SAT exams, but he credited them $75,000 in exchange for Manuel Henriquez’s help getting another one of Singer’s clients admitted to Northeastern, according to the affidavit. That was not all -- the couple were also charged with paying Singer more money to help another daughter to cheat on her college entrance exams. His steady leadership as interim CEO these past four months demonstrated his capacity to enhance Hercules’ position as the industry-leading partner of choice to innovative, high-growth venture-backed companies and their sponsors.”, Mr. Bluestein added, “I am excited and honored to accept the appointment of CEO and President and will work to ensure that Hercules remains the leading venture debt and growth capital franchise. Shares of Hercules Capital () - Get Report fell sharply Tuesday after the company's CEO, Manuel Henriquez, was charged with conspiracy to commit mail and … racketeering conspiracy, money laundering conspiracy, conspiracy to defraud the United States, and obstruction of justice on March 12, 2019 in Boston, Massachusetts. Henriquez Was the CEO of Silicon Valley Business, Hercules Capital. Prior to Hercules, Mr. Bluestein served as Founder and Partner of Century Tree Capital Management, a fund established to make senior secured debt investments with warrants and equity co-investments in small and micro-cap public and private companies. Hercules Capital, Inc. operates as a venture capital firm. Hercules Capital describes itself as "a specialty finance company engaged in providing senior secured loans to high-growth, venture capital-backed companies in a variety of technology, life sciences and sustainable and renewable technology industries. After that student was admitted to Northeastern, his parents allegedly paid Singer $250,000. Hercules Capital Inc said March 13 that effective immediately Manuel Henriquez has voluntarily stepped aside as its chairman and CEO. Manuel Henriquez of Hercules Capital on Wednesday voluntarily stepped aside as chairman and CEO, effective immediately, in the wake of charges he participated in … According to BusinessWire, on March 13, he "voluntarily stepped aside [though he] will continue as a member of the board and as an adviser to the company." During that time, Hercules stock has lost about 23% of its value and now sports a $1.1 billion stock market capitalization, according to Morningstar. Mr. Badavas has been an independent director of Hercules for 13 years and lead independent director for the last two years. (Photo by Scott Eisen/Getty Images), Manuel Henriquez who owns 2.3% of the company's stock. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. co-investments with VC & PE firms. companies funded. This makes it a bit of a bargain right now. Hercules' interim Chairman is Lead Independent Director Robert Badavas and Hercules named Chief Investment Officer Scott Bluestein as interim CEO. Actual financial results filed with the Securities and Exchange Commission may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. We are doing things … Hercules’ board … I ditched corporate America in 1994 and started a management consulting and venture capital firm (http://petercohan.com). My 14th book -- published in February 2019 -- is "Scaling Your Startup: Mastering the Four Stages from Idea to $10 Billion." Mr. Badavas was appointed Chairman of the Board in May 2019. Prior to that he was "Founder and Partner, Century Tree Capital Management and Managing Director, Laurus-Valens Capital Management, an investment firm specializing in financing small and microcap growth-oriented businesses through debt and equity securities," according to its 10K/A. Prosecutors have named 33 parents including Manuel Henriquez, Chairman/CEO of HTGC. He was appointed Hercules’ Chief Investment Officer in 2014 and before that was the Company’s Chief Credit Officer for four years. Manuel Henriquez, the co-founder, chairman and chief executive officer of Northern California venture debt firm Hercules Capital, “has voluntarily stepped aside,” the company said on … (http://www.themarketbasketeffect.com/). Both appeared stunned in court, with Manuel Henriquez shaking his head and looking down as the judge detailed the charges against them," according to Bloomberg. That was before he was charged in the College Cheating Scandal -- in which a self-styled college admissions counselor "orchestrated a brazen scheme to facilitate cheating on admission tests and bribery of college athletics coaches, all to help children of wealthy parents obtain admission to prestigious universities," according to the Washington Post, which noted that the scandal's central figure, "William 'Rick' Singer...pleaded guilty in court documents made public March 12 to charges of racketeering and money laundering conspiracies in hopes that aiding government investigators would help him obtain a lenient sentence. We are confident Scott and the Hercules Team will continue to create value for all of our shareholders and stakeholders,” said Chairman Robert P. Badavas. Shares of Hercules Capital (NYSE: HTGC) declined by more than 10% on Tuesday before closing down about 9% after the company's founder, chairman, and CEO… Hercules Powder Company became Hercules, Inc. in 1966, operating under this name until 2008, when it was merged into Ashland Inc. An associate at the Bank of Boston told Henriquez his calling was in venture capital. You may opt-out by. Henriquez is no longer Chairman and CEO of Hercules. Hercules Capital Book Value Per Share. The company's board has elected Lead Independent Director Robert Badavas as interim chairman of the board, and named Chief Investment Officer Scott Bluestein as interim CEO. With our best-in-class investment team, scale, diversified capital structure and proven credit underwriting and monitoring process, we are well positioned to deliver portfolio and NII growth through the remainder of 2019, subject to market conditions. assets under management. Hercules Capital has truly stepped up their culture thanks to an awesome People Team! The Henriquezes surrendered to the FBI on March 12 and were each released "on a $500,000 bond following a court appearance. 650.289.3060. The Firm provides venture debt to technology, life sciences, and renewable technology industries. UPDATE 2-Ex-Hercules Capital CEO and former food exec to plead guilty to U.S. college scam. Hercules has originated more than $10 billion in … Herkules Capital AS Klingenberggata 5 0161 Oslo, Norway P.O. You should not place undue reliance on these forward-looking statements. The sell-off was triggered by reports that Hercules Capital's CEO was charged with fraud. Mr. Meyer will report directly to Manuel A. Henriquez, Hercules’ chairman and CEO. Its revenues and profits have been declining. October 18, 2019, 7:23 AM Henriquez...allegedly paid Singer $25,000 to have someone sit beside his daughter while she took the SAT exam in 2015 and provide the correct answers. Both appeared stunned in court, with Manuel Henriquez shaking his head and looking down as the judge detailed the charges against them," according to, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. Hercules' third quarter 2020 financial results were … Mr. Bluestein added, “I am excited and honored to accept the appointment of CEO and President and will work to ensure that Hercules remains the leading venture debt and growth capital … The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events. ", Elizabeth, were accused of "paying Singer through his charity, Key Worldwide Foundation, $400,000 to bribe Gordon Ernst, the head tennis coach at Georgetown, so the coach would falsely claim to the admissions office that, their daughter was being recruited to play.". Before getting into that, let's look at how Hercules Capital has been doing. Circuit Court in 1911. will continue as a member of the board and as an adviser to the company." With us on the call today from Hercules are Scott Bluestein, CEO and Chief Investment Officer; and Seth Meyer, CFO. Bluestein has held several leadership roles in his nine years with the company, including as Chief Investment Officer since 2014 and as Chief Credit Officer between 2010 and 2013. Info@htgc.com Afterward, they 'gloated' about getting away with cheating, according to an FBI affidavit filed in court. Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Hercules Capital (NYSE: HTGC) has been my recommendation as part of the InvestorPlace Best Stocks for 2020 contest. I began following stocks in 1981 when I was in, I ditched corporate America in 1994 and started a management consulting and venture capital firm (http://petercohan.com). We are not aware of any impropriety in connection with any Northeastern admissions.". I appeared eight times in the 2016 documentary: "We The People: The Market Basket Effect." Henriquez -- is a co-founder of Hercules and had been Chairman and CEO since 2004 and president since 2005. According to the Globe, he and his wife Elizabeth, were accused of "paying Singer through his charity, Key Worldwide Foundation, $400,000 to bribe Gordon Ernst, the head tennis coach at Georgetown, so the coach would falsely claim to the admissions office that their daughter was being recruited to play.". Manuel Henriquez, the founder and now-ex-chief of California-based Hercules Capital, "voluntarily stepped aside" a day after he and his wife Elizabeth were arraigned on … technology and financial services company. On "Bloomberg Money Undercover", Bloomberg's Lisa Abramowicz talks with Hercules Capital CEO Scott Bluestein. Mr. Bluestein has nearly 20 years of financial services, direct investment and credit experience. Although Hercules believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. 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