SEC Charges PricewaterhouseCoopers Accountant for Failing to Detect the Millions Stolen From Once-Renowned Biotech Investor Stephen Burrill
11/1/2016 7:46:27 AM
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partner for the Burrill Life Sciences Capital Fund III, allegedly failed to scrutinize the “advanced management fees” withdrawn from the fund by Burrill, the SEC said.
Beamish allegedly failed to determine whether Burrill had “proper authorization and rationale” for taking the cash and allegedly failed to ensure that the transactions were properly disclosed.
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