KPMG partner Scott London guilty of insider trading
SCOTT LONDON, a former senior partner at accountancy giant KPMG, has agreed to plead guilty to insider trading following allegations that he leaked confidential information about clients to his golfing partner in exchange for bags of cash, a Rolex watch, dinners and concert tickets. Prosecutors claim the tip offs helped Shaw earn more than $1m. In the agreement, the BBC London has admitted giving Shaw insider information about KPMG clients on at least 14 different occasions. It follows Shaw, a jeweller, pleading guilty to one count of conspiracy to commit securities fraud last week. Shaw then cooperated with the FBI to help gathe Belstaff uk r evidence against London. He reportedly recorded incriminating with his golfing partner while wearing an FBI wire and was video taped handing bags stuffed with $5,000 in cash to London on two occasions over two weeks.
London now faces a maximum term of 20 years in prison and a fine of up to $5 million, according to the plea agreement. US Attorney A Belstaff uk ndre Birotte Jr said: “Behaviour like this is an affront to people who follow the law and compromises the public perception in t Belstaff uk he inherent fairness of the markets by creating an uneven playing field.”
After the scandal emerged last month KPMG resigned as auditor for Herbalife and Skechers, two companies whose audits London oversaw. London was fired from KPMG after 30 years at the firm and publicly confessed his insider trading to the Wall Street Journal, saying: “I have embarrassed myself, my family, my friends, KPMG and those that worked with me while I was at KPMG.” on Ex KPMG partner Scott London gu Belstaff uk ilty of insider trading