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PwC Audit Partner Missed Fraudulent Venture Fund Payouts - SEC
The SEC initiated administrative proceedings against Adrian Beamish, a San Jose-based PricewaterhouseCoopers audit partner who served as engagement partner for the independent audits of a venture capital fund.
SEC investigators charge Beamish with failing to scrutinize millions taken from Burrill Life Sciences Capital Fund III as “advanced” management fees. He allegedly failed to determine whether the fund’s adviser had proper authorization and rationale for taking the money, and he allegedly failed to ensure that the transactions were properly disclosed in the fund’s financial statements.
Earlier this year, Steven Burrill, the owner and principal of the investment adviser, settled SEC charges that he had spent the money he took from the fund to keep his other businesses afloat, travel on family vacations, and pay other unauthorized personal expenses.
The SEC’s administrative proceedings will determine, among other things, whether Beamish should be suspended from appearing or practicing before the SEC as an accountant.
