{"id":1026,"date":"2013-04-15T10:49:29","date_gmt":"2013-04-15T05:19:29","guid":{"rendered":"http:\/\/fraudtoday.net\/?p=1026"},"modified":"2013-04-15T10:49:29","modified_gmt":"2013-04-15T05:19:29","slug":"sec-charges-ex-partner-of-kpmg-in-insider-trading","status":"publish","type":"post","link":"https:\/\/indiaforensic.com\/certifications\/sec-charges-ex-partner-of-kpmg-in-insider-trading\/","title":{"rendered":"KPMG ex-partner in Insider Trading"},"content":{"rendered":"

\"kpmg\"<\/a>Ex-Partner of KPMG was charged with insider trading by Securities Exchange Comission. The comission alleged that Scott London, Ex-Partner of KPMG tipped Bryan Shaw with confidential details about five KPMG audit clients and enabled Shaw to make more than $1.2 million in illicit profits trading ahead of earnings or merger announcements.<\/p>\n

KPMG Ex-partner helps friend in Insider Trading<\/h2>\n

The two men had met at a country club several years earlier and became close friends and golfing partners. London has said that he provided the inside information about his clients to help Shaw overcome financial struggles after his family-run jewelry business began faltering in the economic downturn. In exchange for the illegal trading tips, Shaw paid London at least $50,000 in cash that was usually delivered in bags outside of his Encino,\u00a0 jewelry store. Shaw also gave London an expensive Rolex watch as well as other jewelry, meals, and tickets to entertainment events.<\/p>\n

London, who worked at KPMG for nearly 30 years, recently informed the firm that he was under investigation by the SEC and criminal authorities for insider trading in the securities of several KPMG clients. The firm immediately terminated him.<\/p>\n

According to the SEC’s complaint filed in federal court in Los Angeles, London began providing Shaw with nonpublic information in October 2010 and the misconduct continued for the next 18 months. Shaw and London communicated almost exclusively using their cell phones, although on at least one occasion London disclosed nonpublic information in the presence of others during a golf outing.<\/p>\n

According to the SEC’s complaint, London was the lead partner on several KPMG audits including Herbalife and Skechers USA, and he was the firm’s account executive for Deckers Outdoor Corp. Therefore, London was able to obtain material, nonpublic information about these companies prior to their earnings announcements or release of financial results.<\/p>\n

The SEC alleges that London also gained access to inside information about impending mergers involving two former KPMG clients – RSC Holdings and Pacific Capital. London tipped Shaw with the confidential details. Shaw made nearly $192,000 by purchasing RSC Holdings stock the day before its Dec. 15, 2011, merger announcement. He made more than $365,000 in illicit profits from his well-timed purchase of Pacific Capital securities prior to a merger announcement on March 9, 2012.<\/p>\n

Read the SEC Complaint here<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Ex-Partner of KPMG was charged with insider trading by Securities Exchange Comission. The comission alleged that Scott London, Ex-Partner of KPMG tipped Bryan Shaw with confidential details about five KPMG audit clients and enabled Shaw to make more than $1.2 million in illicit profits trading ahead of earnings or merger announcements. KPMG Ex-partner helps friend […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,20,23],"tags":[242,250,369],"class_list":["post-1026","post","type-post","status-publish","format-standard","hentry","category-corporate-fraud","category-antifraud-news","category-kpmg","tag-insider-trading","tag-kpmg","tag-usa"],"yoast_head":"\nKPMG ex-partner in Insider Trading - Indiaforensic<\/title>\n<meta name=\"description\" content=\"Scott London, Ex-Partner of KPMG tipped Bryan Shaw with inside information about five KPMG audit clients & enabled Shaw to make more than $1.2 million\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indiaforensic.com\/certifications\/sec-charges-ex-partner-of-kpmg-in-insider-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KPMG ex-partner in Insider Trading - 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