Federal audit finds Betaspring intentionally misused $804K

ALLAN TEAR, co-founder and managing partner of Betaspring. An audit by the U.S. Treasury Department found that Betaspring misused $803,644 to fund operations from the Treasury's State Small Business Credit Initiative. / PBN FILE PHOTO/Michael Salerno
ALLAN TEAR, co-founder and managing partner of Betaspring. An audit by the U.S. Treasury Department found that Betaspring misused $803,644 to fund operations from the Treasury's State Small Business Credit Initiative. / PBN FILE PHOTO/Michael Salerno
PROVIDENCE – A federal audit released this week claims business-accelerator and consultant Betaspring LLC intentionally misused $803,644 to fund operations in 2012. A manager of the accelerator, however, refutes the findings, saying the program was transparent about its funding approach, which was reviewed and approved by the state. “We were a bit hung out to…

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