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.
PwC elects Kevin Ellis as its new chairman and senior partner in the UK and Middle East
Former CIoT president Stephen Coleclough was sentenced to 14 months in prison, suspended for two years.
Smith & Williamson announce appointment of former EY worker John Cooney as partner, ten years after leaving the firm
Burnet is currently the head of KPMG’s Financial Services team in Scotland