The U.S. Securities & Exchange Commission charged a PricewaterhouseCoopers auditor for failing to detect the millions siphoned from the namesake venture capital fund of once-renowned biotech investor Stephen Burrill. Adrian Beamish, a PricewaterhouseCoopers audit partner who served as engagement partner for the Burrill Life Sciences Capital Fund III, allegedly failed to scrutinize the “advanced management fees” withdrawn from the […]
Biotech investor Steve Burrill to pay $6m, banned from trading
Once-prominent biotech investor Stephen Burrill is barred from the securities industry and will pay nearly $6 million to settle SEC charges that he looted investment funds to cover losses in other businesses and pay for his lavish lifestyle. Burrill and his firm Burrill Capital Management agreed to disgorge the $4.785 million prosecutors said Burrill siphoned off for personal […]
VC fund adds PricewaterhouseCoopers to $17m embezzlement suit against founder Burrill
The investors behind a venture capital fund added accounting firm PricewaterhouseCoopers to a lawsuit alleging that the fund’s founder, biotech notable Stephen Burrill, and other fund executives looted it for $17 million. The Burrill Life Sciences Capital Fund III 1st sued last July, accusing Burrill, longtime outside-counsel-turned-staff-counsel Victor Hebert and CFO Helena Sen of diverting the cash […]
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Investors fire life science VC Burrill from his own fund
The investors behind a $283 million venture capital fund ousted its high-flying founder, Stephen Burrill, after the fund’s manager allegedly discovered that Burrill and his company’s chief counsel and its CFO misappropriated nearly $20 million from the fund, according to a lawsuit filed in a California state court.
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Is Boston Scientific in line for a private equity takeover? | Wall Street Beat
Billionaire hedge fund manager David Tepper, of Appaloosa Management, bought 7.8 million shares of Boston Scientific stock during the 4th quarter, according to regulatory filings, for a stake with a market value of $41.6 million as of Dec. 31.
SonoSite CFO resigns, makes $3M | Personnel Moves
SonoSite (NSDQ:SONO) CFO Marcus Smith stands to pull down more than $3 million now that he’s retired from the Bothell, Wash.-based ultrasound device maker.
The company said Smith’s resignation, which went into effect yesterday, was to pursue other opportunities.
The former Philips Medical Systems exec will end up with more than $3 million in the bank after he receives all of his separation benefits, according to a company filing with the SEC.
Burrill & Co., Infinity Group to partner up in China
Burrill & Co. and the Infinity Group are joining forces to pursue investments in Chinese life science companies.
San Francisco-based Burrill, a venture capital/private equity player, and Israel- and Chine-based Infinity will co-invest in U.S. dollars and Chinese renminbi as equal partners, according to a press release.
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