Arab Today, arab today us charges exkpmg auditor with insider trading
Last Updated : GMT 06:14:00
Arab Today, arab today
Arab Today, arab today

US charges ex-KPMG auditor with insider trading

Arab Today, arab today

Arab Today, arab today US charges ex-KPMG auditor with insider trading

New York - AFP

The US Justice Department on Thursday charged a former KPMG senior partner with insider trading with a friend who allegedly made more than $1 million in illegal proceeds. Scott London allegedly gave confidential information on five companies to his friend, Bryan Shaw, according to the US Attorney\'s Office for the Central District of California and the Federal Bureau of Investigation. London, who oversaw KPMG\'s audit practice for the Pacific Southwest, allegedly accepted bags of cash and a Rolex watch in exchange for the inside information, the authorities said in a statement. London, 50, of Agoura Hills, California, has admitted he gave inside information to Shaw. KPMG said Monday it had fired London after learning of his dealings with Shaw and resigned as auditor for two companies, Herbalife and Skechers. \"The public has every right to fully expect a level playing field in our financial markets,\" said US Attorney Andre Birotte. \"As alleged in the complaint, Mr. London chose to betray the trust placed in him as a financial auditor and to tip the trading scales for the benefit of insiders like himself.\" From late 2010 until March 2013, London allegedly secretly passed to Shaw nonpublic information ahead of company earnings reports on Herbalife, Skechers and Deckers Outdoor Corporation. London would typically read Shaw information from company press releases two or three days before they were released. In at least one case, London suggested how Shaw should structure his purchases to avoid drawing attention from regulators. London also tipped off Shaw on impending mergers. In one case, a heads-up involving a takeover of RSC Holdings netted Shaw more than $190,000 after the merger was announced. In another case, trades on another takeover target, Pacific Capital Bancorp, resulted in a gain of at least $365,000, according to the US Attorney\'s Office. Shaw allegedly secretly compensated London with at least $50,000 in cash, as well as a Rolex watch and other jewelry, meals and tickets. The US Attorney\'s complaint against London alleged a single count of conspiracy to commit securities fraud through insider trading. London faces up to five years in prison and a $250,000 fine if convicted. The Securities and Exchange Commission also announced it had filed a parallel civil insider-trading charge against London and Shaw. The cash was \"usually delivered in bags\" outside Shaw\'s California jewelry store, the SEC said. Shaw cooperated with the criminal investigation of the insider trading.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us charges exkpmg auditor with insider trading Arab Today, arab today us charges exkpmg auditor with insider trading

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st female Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st female Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday