Burrill fined for misuse of funds
UW alum and San Francisco biotech investor G. Steven Burrill and his firm have been ordered by the SEC to pay nearly $6 million to settle charges that he stole investor money from the Burrill Life Sciences Capital Fund III to bolster his own struggling companies and to pay for family vacations, gifts, and private jets, according to media reports.
He and Burrill Capital Management agreed to pay a $1 million fine and repay $4.785 million to the fund.
Burrill was fired from his firm in 2014 after he and his colleagues received nearly $19 million in unauthorized payments from the venture fund. Burrill has been permanently barred from the securities industry.
The G. Steven Burrill Business Plan Competition began from funds he donated to UW–Madison in 1998. After last year’s event, the contest was officially canceled.