Burrill settles with SEC, accepts permanent ban

G. Steven Burrill and two other members of Burrill Capital Management's team agreed to be barred permanently from the securities industry to settle an SEC investigation into Burrill's alleged embezzlement from the 2006-vintage, $283 million Burrill Life Sciences Capital Fund III.

According to the SEC's order, it found that Burrill took funds for personal use from Fund III "under the guise of 'advanced' management fees," which he concealed from investors. The SEC said Burrill Capital Management Chief Legal Officer Victor Hebert and Controller Helena Sen also played "integral roles." ...