A Walnut, Creek, Calif.-CPA has been convicted for preparing tax returns that helped a client avoid paying $4.7 million in taxes over three years. Burrill, was the owner and CEO of Burrill & Company, Burrill Capital, and several related entities. He pleaded guilty on December 7, 2017 to one count of investment-adviser fraud and one count of tax evasion and faces a maximum sentence of five years in prison.
Berger was a CPA and partner with a regional tax preparation firm, Burr Pilger Mayer. According to evidence presented during a three-week jury trial, one of Burrill’s funds was a $283 million Burrill Life Sciences Capital Fund III, L.P. Between December 2007 and September 2003, he transferred more than $18 million from the fund which were in excess of allowable management fees.
Berger prepared the false income tax returns, which enabled Burrill to avoid paying taxes on the $18 million. Berger was charged with three counts of aiding and assisting in the preparation of a false tax return and faces a maximum of three years in prison for each count.
The two are also subject to periods of supervised release, restitution, and monetary penalties.