SEC Charges PricewaterhouseCoopers Partners With Failing to Find Fraud

The Securities and Exchange Commission (SEC) recently charged a PricewaterhouseCoopers partner with allegedly failing to find a fraud during his audit of Burrill Life Sciences Capital Fund III, a venture capital fund. Adrian D. Beamish allegedly failed to catch millions of dollars in “advanced” management fees taken as unauthorized related-party transactions. He also allegedly failed to ensure that the transactions were properly disclosed in the fund’s financial statements. Earlier this year, G. Steven Burrill, the owner and principal of the investment adviser of the fund, settled a case with the SEC to the tune of almost $5.8 million that alleged that he spent fund assets to keep other businesses afloat, on family vacations and to pay other personal expenses. Beamish was based out of San Jose, California. If you lost money in the fund, please call our securities law offices in Chicago at 312-332-4200 to speak to an attorney. We may be able to help you recover your losses on a contingency fee basis. The call to us is free with no obligation.

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