Former KPMG partner jailed for insider trading

Prison Bars

A former KPMG partner was sentenced Thursday to 14 months in prison for insider trading that generated more than $1m in illegal profits.

Fox Business reports that Scott London was charged with giving a friend inside information on KPMG clients such as Herbalife, Skechers USA and Deckers Outdoor. The friend, Brian Shaw, then used the information to make illegal profits.

London pleaded guilty in July. He asked the sentencing judge to spare him jail time, saying the loss of his career and reputation was punishment enough.

London, 51, was charged by federal prosecutors with one count of conspiracy to commit securities fraud through insider trading. He faced a maximum penalty of five years in jail, and a fine of $250,000 or twice the gross gain or loss from his crimes.

To access the complete Bloomberg article hit the link below:

Ex-KPMG Partner Sentenced for Insider Trading

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