SAN FRANCISCO — A PricewaterhouseCoopers audit partner in San Jose faces claims from the U.S. Securities and Exchange Commission that lackluster accounting allowed a venture capital client to misdirect investor funds to prop up flagging investments and pay for luxury goods and travel.
In an administrative order issued Monday, SEC officials accuse PwC partner Adrian Beamish of “improper professional conduct.”. The SEC claims that Beamish failed to scrutinize millions of dollars of “advanced management fees” that Burrill Life Sciences Capital Fund III paid to other entities controlled by its founder, prominent biotech venture capitalist G. Steven Burrill. Burrill and his firm Burrill Capital Management agreed earlier this year to pay nearly $5.8 million to settle related SEC claims.
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