Former KPMG partner faces jail term over insider trading

Former KPMG partner faces jail term over insider trading

Former KPMG US partner Scott London guilty of insider trading

A FORMER KPMG AUDIT PARTNER has been handed a 14-month jail term for insider trading by a federal judge in Los Angeles, Reuters reports.

Scott London leaked information relating to the audits of LA Galaxy sponsor and nutritionist Herbalife, and shoe-maker Skechers.

The Big Four firm was forced to drop its audits with both businesses amid an FBI investigation into the allegations.

London, who had been with the firm for 30 years, exchanged cash and jewellery with a golfing buddy, Bryan Shaw, for the information he obtained in his role as auditor.

Last year Shaw allowed FBI agents to record calls with London by wearing a recording device as part of a plea bargain, while London later admitted wrongdoing.

In addition to his sentence, judge George Wu also ordered London to pay a $100,000 fine.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource