Burrill, G. Stephen of San Francisco, CA

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Burrill’s AICPA membership was terminated, effective May 26, 2016, in connection with the disciplinary action taken by the Securities and Exchange Commission. Whereby, through an “Offer of Settlement”, and without admitting or denying the charges, the SEC denied Mr. Burrill the privilege of appearing or practicing before the Commission as an accountant. This decision was based on the Board’s findings that between 2007 through August 2013, Mr. Burrill misappropriated approximately $18 million under the guise of “advanced management fees” from a venture capital fund, and in mid-2013, he misappropriated approximately $13 million more in management fees from the fund than it was required to pay in fees over the entire life of the fund.