Investors fire life science VC Burrill from his own fund

June 19, 2014 by Brad Perriello

Investors in a life sciences venture capital firm fire its founder, Stephen Burrill, after a Burrill fund’s managers allegedly uncover $20 million in misappropriations.

Investors fire venture capital bigwig 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.

The lawsuit, filed by the managing director for Burrill & Co.’s Fund II and Fund III, Ann Hanham, accuses Burrill, longtime outside-counsel-turned-staff-counsel Victor Hebert and CFO Helena Sen of diverting $19.2 million from Fund III “over a period of several years, ostensibly (1) “to ‘prepay’ for management services not yet rendered, and (2) to fund unspecified and unauthorized loans,” according to the lawsuit.



Josh Sandberg

Josh Sandberg is the President of Ortho Sales Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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