KPMG plans to take legal action against former partner Scott London, who has been accused of passing on inside information about clients to a golfing partner in exchange for cash, a Rolex watch, dinners and tickets to shows.
Shaw subsequently made more than $1.2m in trades based on that information, the SEC said.
In a statement, John Veihmeyer, KPMG's Chairman and CEO said:
'I was appalled to learn of the additional details about Scott London's extraordinary breach of fiduciary duties to our clients, KPMG and the capital markets. We unequivocally condemn his actions, and deeply regret the impact that his violations of trust and the law have had on our clients and our people.
'KPMG will be bringing legal actions against London in the near future'.
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