SAN FRANCISCO — Prominent biotech venture capitalist G. Steven Burrill has agreed to pay nearly $5.8 million to settle charges that he redirected money from one of his funds to prop up other flagging investments and to pay for his luxurious lifestyle.
The U.S. Securities and Exchange Commission alleged that Burrill withdrew more than $18 million in funds from the Burrill Life Sciences Fund III and disguised the payments as “advanced management fees.” Burrill then used money that rightfully belonged to investors to cover cash shortages in other business ventures, to pay employee salaries, to fund family trips to St. Barts and Paris, and to pay for jewelry, gifts and private jets, the agency claims.
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