Steven Burrill was using his venture capital fund as a persona piggy bank and the fund’s auditor failed to do anything when it saw the red flags. Now the auditor partner is subject to charges by the Securities and Exchange Commission. Private funds typically take management fees in advance. That is not unusual or illegal. … Read more »
Tag: Burrill Capital Management
Taking Management Fees In Advance, and Then More
It is not uncommon for fund managers and investment advisers to take management fees payable in advance. At some point, taking fees in advance is just stealing from investors. Steven Burrill and his firm reached that point and went well beyond it. To be clear, taking management fees in advance is not illegal. In fact, … Read more »