Skechers USA Inc. appointed a new auditor Wednesday to replace its former accounting firm, KPMG, which was rocked by an insider trading scandal and resigned earlier this month.
The Manhattan Beach shoe maker’s board of directors named BDO USA as its new independent auditor. BDO is expected to re-audit Skechers’ financial statements for the last two fiscal years.
KPMG resigned as the shoe company's auditor in April after one of its partners, Scott London, was accused of leaking inside information on five public companies to a friend in exchange for cash and jewelry. Those companies included Herbalife Ltd. in Los Angeles and Skechers, based in Manhattan Beach.
London’s golfing pal, Bryan Shaw, an Encino jeweler, made about $1.2 million over a period of a few years based on London's advice, said the Department of Justice. Federal prosecutors charged London with one count of conspiracy to commit securities fraud through insider trading.