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Former KPMG partner to plead guilty to securities fraud
Ex-KPMG partner Scott London has agreed to plead guilty to one felony count of securities fraud after admitting he exchanged privileged information for cash and luxury items.
Mr London reportedly received luxury items
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The Telegraph reports that Mr London, 50, gave the inside information to friend and jewellery store owner Bryan Shaw for several years in return for ‘bags filled with cash’, a $12,000 Rolex watch and various jewellery.
Prison term
Mr Shaw is purported to have made more than $1 million in illicit profits after using the information to trade in advance of announcements by major KPMG clients Herbalife and Sketchers USA.
Mr London is due to appear in court on Friday where he is expected to plead guilty to a charge which carriers a maximum prison term of 20 years.
Mr Shaw has pleaded guilty to one count of conspiracy and is scheduled to be sentenced in September. He faces a maximum of five years in prison.
