Suit details allegations against Burrill, associates
G. Steven Burrill has been named in a California lawsuit that details allegations that Burrill & Co. and members of its management improperly diverted funds from Burrill Life Sciences Capital Fund III L.P. The suit, filed on June 13 in San Francisco Superior Court by former Burrill & Co. Managing Director Ann Hanham, claims wrongful dismissal, breach of contract and fraud. It names Burrill and several individuals associated with Burrill & Co., its affiliates or its investment funds.
Ann Hanham vs. Burrill & Co LLC et al, alleges she and two other managing directors -- Roger Wyse and Bryant Fong -- discovered in September 2013 that $19.2 million of money raised for the $283 million Fund III had been diverted "to Burrill and various Burrill entities" to "prepay" management fees and to fund "unauthorized loans." According to the suit, Hanham, Wyse and Fong sent a letter to Fund III investors on Oct. 27 informing them of the transactions, and Hanham was fired on Nov. 1. ...