Convicted KPMG inside trader sentenced to prison
Thursday, April 24, 2014
LOS ANGELES (AP) — A former partner at the accounting firm KPMG has been sentenced to 14 months in federal prison for insider trading.
Scott London, of Agoura Hills, was sentenced Thursday in Los Angeles. He'll also have to pay a $100,000 fine.
London oversaw some 500 KPMG employees and handled audits for major clients such as Herbalife Ltd. until he was fired last year. He later pleaded guilty to insider trading.
Prosecutors say that over several years, London provided confidential client information to a friend, Bryan Shaw, who used it to make securities trades that reaped more than $1 million.
Shaw said he bribed London with some $70,000 in cash and goods including jewelry, concert tickets and a $12,000 Rolex watch.
Shaw pleaded guilty to conspiracy last year.
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