Symptoms

When users browse a sharepoint site with K2 features activated, they see the K2 Site Settings option listed in Site Actions.
 

Diagnoses

Need to restrict view of K2 Site Settings from end users

This is based on sharepoint permissions, users with "Full Control" permission on the site will be able to see the menu option. Removing full control should resolve the issue.
 

Resolution

Removing "Full Control" from the users in question resolves the issue and K2 Site Settings is no longer visible in Site Actions