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October 31, 2016

Posted  November 7, 2016

The SEC announced proceedings against PricewaterhouseCoopers audit partner Adrian D. Beamish for alleged failures in connection with the independent audit of a venture capital fund for which he served as the engagement partner.  The SEC alleges that Beamish failed to scrutinize millions of dollars taken from Burrill Life Sciences Capital Fund III in related party transactions under the guise of “advanced” management fees.  Beamish allegedly failed to determine whether the fund’s adviser had proper authorization and rationale for taking the money and failed to ensure that the transactions were properly disclosed in the fund’s financial statements.  SEC

Tagged in: Securities Fraud,