Nathan Vardi broke the story yesterday on Forbes. The piece was headlined
Other stories used terms like “disbelief,” “fraud allegations,” “ousted” and "dumped.""Steven Burrill Removed From Control Of Venture Fund For Unauthorized Payments”
"G. Steven Burrill, the CEO and founder of Burrill & Co., a San Francisco financial firm specializing in biotechnology and life sciences investing, was ousted from control of a $283 million venture capital fund earlier this year by big institutional investors that cited willful or reckless misconduct related to unauthorized payments, according to documents recently filed in California State court in San Francisco."
“Burrill, known for his natty suits and pink shirts, is being sued for fraud by a former colleague for allegedly taking cash meant for investment and diverting it to his own 'designees and affiliates.'”
“Perceived value is more important than real value.”
(See embedded video at the top of this article.)
“Culture is a big part of it. People want to be part of a culture that tolerates failure.”