Bryan Shaw, a trader who said he received insider tips from fired KPMG partner Scott London, apologized and said he’s been cooperating with the Justice Department and U.S. Securities and Exchange Commission.
'During 2010 through 2012, I received non-public information from Scott London about a number of companies and then profited substantially from stock trades based upon that information', Shaw said in a statement provided by Nathan Hochman, a lawyer at Bingham McCutchen LLP in Santa Monica, California. 'I cannot begin to apologize for my incredibly stupid actions'.
Bloomberg reports that London was the head of KPMG’s audit practice in Los Angeles.
The firm said in an April 8 statement that he was fired after KPMG learned he had provided inside information to someone who used it to trade shares of several West Coast companies. London wasn’t identified by name in the statement.
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