April 8, 2014 |
Prosecutors want former KPMG auditing partner Scott London to serve three years in federal prison for giving confidential information about his firm's clients to a friend, who used the tips to make more than $1 million in illegal stock-trading profits. London pleaded guilty to insider-trading last year and was fired by KPMG. He is scheduled to be sentenced April 21 at U.S. District Court in Los Angeles. Asst. U.S. Atty. James A. Bowman said in a sentencing memo that London had participated in a “calculated and corrupt arrangement” that victimized the companies whose secrets he was paid to protect.
July 1, 2013 |
Moments after pleading guilty to an insider-trading charge, former KPMG partner Scott London struggled to explain the conduct that ruined his career and is very likely to send him to federal prison. “It was probably the worst day of my life,” London said in an interview in the hallway outside the courtroom of U.S. District Judge George H. Wu, who is scheduled to sentence London on Oct. 21. “Imagine what you do, you do it for 30 years, you go to school for it and in a matter of weeks it's all gone,” London said.
May 20, 2013 |
A San Fernando Valley jeweler pleaded guilty Monday to a conspiracy charge in an insider-trading case and agreed to turn over $1.27 million in stock-trading gains made from tips allegedly provided by a then partner at accounting giant KPMG. Bryan Shaw, 52, of Lake Sherwood admitted to conspiring with KPMG auditor Scott London to trade in the stocks of the accounting firm's clients. The pair was longtime friends who enjoyed golfing together. With a swift "Guilty, your honor," Shaw entered his plea before U.S. District Court Judge George H. Wu in Los Angeles.
April 11, 2013 |
It's the kind of audacious but small-stakes insider trading that normally wouldn't have merited much attention. Golfing buddies Scott London and Bryan Shaw netted just $1.3 million, a blip in a world where Wall Street kingpins pocket hundreds of millions in ill-gotten gains. The two men made one misstep after another. Their haplessness virtually guaranteed they'd get nailed, experts said. The scope of their ill-fated caper was made clear Thursday when federal prosecutors in Los Angeles filed a criminal charge against London, alleging that he passed insider tips to Shaw from 2010 to 2013.
September 4, 1985
Mel Baty, former Orange High School assistant baseball coach, has been named the Panthers' head coach, Dave Zirkle, Orange athletic director, announced on Monday. Baty, 29, will replace Jack Galeener, who moved to Diamond Bar High where he will teach and be the school's assistant baseball coach. Baty was an assistant to Galeener at Orange from 1982-84 and last spring coached the 8th and 9th grade baseball teams at Cerro Villa Junior High School in Villa Park.
May 22, 2013 |
Seven weeks after its auditor resigned in an insider trading scandal, Herbalife Ltd. retained major accounting firm PricewaterhouseCoopers as its new auditor. The Los Angeles nutritional products company said Tuesday that PricewaterhouseCoopers would begin "immediately" to re-audit its financial statements for 2010, 2011 and 2012. Former auditor KPMG withdrew its audits of those statements after it learned of the insider-trading allegations. Herbalife shares jumped on the news, gaining $1.33, or 2.7%, to $50.54.