FORMER US KPMG senior partner Scott London will face up to 20 years’ in prison after admitting to securities fraud.
London, who headed KPMG’s Los Angeles practice, admitted that he had given jeweller Bryan Shaw inside knowledge on earnings announcements or acquisitions by KPMG clients.
He also faces a maximum $5m (£3.3m) or twice the gross gain or loss resulting from his offence. London’s clients included Herbalife and Sketchers USA.
KPMG has previously said that it was considering taking legal action against London.
He is scheduled for sentencing on 20 October.
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