14 Months for KPMG Inside Trader
LOS ANGELES (CN) - A former senior partner at KPMG was sentenced Thursday to 14 months in federal prison for an inside trading scheme from which he got cash bribes and gifts.
Scott London, 51, of Agoura Hills, oversaw KPMG audits for the Pacific Southwest until it fired him last year, after 29 years, the U.S. Attorney's Office said in a statement announcing his sentence.
He was ordered to report to prison on July 18, and fined $100,000.
London pleaded guilty in July 2013 to securities fraud through inside trading. He gave inside information to a longtime friend, who made $1.3 million from it, prosecutors said. His pal kicked back $70,000 and gave him a $12,000 Rolex watch and other stuff, the U.S. attorney said.
His friend, Robert Shaw, pleaded guilty to conspiracy in May 2013 and then helped the FBI nail London. Shaw will be sentenced on May 19. The SEC has sued both of them.