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October 24, 2013

Former KPMG US partner faces three years prison sentence for insider trading

The US federal probation office recommended a three years prison sentence and a $100 000 fine for former KPMG partner Scott London who pleaded guilty to insider trading charges.

London was charged in April for selling secret information about KPMG’s clients to a stock trading friend, Bryan Shaw, who made $1.27m in profitable trades as result of London’s tips.

In July London pleaded guilty and admitted receiving around $66.000 in cash and gifts from his friend Shaw.

In a sentencing motion reported by the LA Times, London’s lawyer Harland Braun said that the recommended sentence was excessive. He proposed to bring the sentence down to 18 to 24 months in prison and a fine of $25 000.

London is scheduled to be sentenced on 9 December. Shaw, who has also pleaded guilty, is scheduled to be sentenced on 23 January.

Related links:

Former KPMG partner pleads guilty to insider trading

SEC charges KPMG partner with insider trading

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