A San Fernando Valley jeweler has agreed to plead guilty to conspiracy for allegedly making illegal stock trades based on inside information given to him by a KPMG partner.
Bryan Shaw, 52, of Lake Sherwood admitted in a plea agreement that he conspired in the case with KPMG’s Scott London, making $1.27 million in trading profits thanks to information that London allegedly provided about KPMG clients. Under the deal, Shaw agreed to give up those profits by paying them to the government.
Federal prosecutors had earlier charged London, 50, with conspiracy to commit insider trading. London, who was fired by the firm last month, is scheduled to be arraigned May 17 in U.S. District Court in Los Angeles.
Shaw admitted in his plea agreement that he gave London more than $60,000 in cash in exchange for confidential information about KPMG’s clients, typically meeting with London near Shaw’s Encino jewelry store to give him stacks of $100 bills. Shaw also said he gave London a $12,000 Rolex Daytona Cosmograph watch, as well as jewelry and concert tickets, in exchange for the confidential information.