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BUSINESS
May 28, 2013 | By Stuart Pfeifer, Los Angeles Times
A former senior partner at accounting firm KPMG's Los Angeles office has agreed to plead guilty to a securities fraud charge of passing inside information about the firm's clients to a friend, who used it to make more than $1 million in stock trades. Scott London, 50, who supervised more than 500 KPMG auditors, agreed Tuesday to plead guilty to one felony charge, according to a court document he signed. The date he will enter the guilty plea has not yet been scheduled. London's stock-trading friend, Encino jeweler Bryan Shaw, pleaded guilty to a conspiracy charge last week.
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BUSINESS
April 24, 2014 | By Stuart Pfeifer
A former partner at the Los Angeles office of accounting giant KPMG was sentenced to 14 months in federal prison for giving confidential information about his firm's clients to a golfing buddy, who used it to make more than $1 million in profits by trading those companies' stocks. Scott London, 51, pleaded guilty to insider trading last year, admitting that he repeatedly tipped off a friend to the secrets of several KPMG clients, including Herbalife Ltd. and Skechers USA Inc., from 2010 to 2012.
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BUSINESS
October 23, 2013 | By Stuart Pfeifer
Former KPMG auditing partner Scott London should spend three years in prison on his insider-trading conviction for selling secret information about the accounting firm's clients to a stock-trading friend, the federal probation office in Los Angeles recommended. The tips to Encino jeweler Bryan Shaw resulted in nearly $1.3 million in profitable trades, prosecutors alleged. The probation office, in a confidential report, recommended the prison term, and the information was disclosed in court papers filed recently by London's attorney, Harland Braun.
BUSINESS
April 8, 2014 | By Stuart Pfeifer
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.
BUSINESS
April 24, 2014 | By Stuart Pfeifer
A former partner at the Los Angeles office of accounting giant KPMG was sentenced to 14 months in federal prison for giving confidential information about his firm's clients to a golfing buddy, who used it to make more than $1 million in profits by trading those companies' stocks. Scott London, 51, pleaded guilty to insider trading last year, admitting that he repeatedly tipped off a friend to the secrets of several KPMG clients, including Herbalife Ltd. and Skechers USA Inc., from 2010 to 2012.
BUSINESS
May 21, 2013 | Los Angeles Times
A San Fernando Valley jeweler at the center of an insider-trading scandal pleaded guilty to a conspiracy charge and agreed to turn over $1.27 million in ill-gotten stock gains made from tips from a top auditor at accounting giant KPMG. Bryan Shaw, 52, of Lake Sherwood admitted Monday to conspiring with KPMG auditor Scott London to trade in the stocks of the accounting firm's clients. The pair, who became friends after meeting on a golf course, plotted to profit from the market in what federal prosecutors described as a "severe breach of trust.
BUSINESS
May 21, 2013 | By Stuart Pfeifer
Herbalife Ltd. has chosen PricewaterhouseCoopers as its independent auditor, ending a nearly two-month effort to replace KPMG, which resigned after a senior partner was accused of insider trading. The Los Angeles nutritional products company said PricewaterhouseCoopers would “immediately” begin re-auditing financial statements for 2010, 2011 and 2012, which KPMG withdrew after it learned of the insider-trading allegations. Herbalife shares jumped more than 4% after the company announced its decision.
BUSINESS
April 8, 2014 | By Stuart Pfeifer
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.
BUSINESS
December 16, 2013 | By Stuart Pfeifer
Shares of Herbalife Ltd. stock surged more than 9% Monday after the company said its new accounting firm made "no material changes" after re-auditing three years of the company's financial statements. The new audits were required because KPMG resigned as Herbalife's auditors this year after the partner who had overseen the company's audits admitted to insider trading in Herbalife stock. PricewaterhouseCoopers re-audited Herbalife's financial statements from 2010, 2011 and 2012.
BUSINESS
October 23, 2013 | By Stuart Pfeifer
Former KPMG auditing partner Scott London should spend three years in prison on his insider-trading conviction for selling secret information about the accounting firm's clients to a stock-trading friend, the federal probation office in Los Angeles recommended. The tips to Encino jeweler Bryan Shaw resulted in nearly $1.3 million in profitable trades, prosecutors alleged. The probation office, in a confidential report, recommended the prison term, and the information was disclosed in court papers filed recently by London's attorney, Harland Braun.
BUSINESS
July 2, 2013 | By Stuart Pfeifer
Former KPMG auditing partner Scott London pleaded guilty to an insider-trading charge, and struggled afterward to explain why he jeopardized his career, reputation and freedom for money he didn't need. London, 50, admitted in U.S. District Court in Los Angeles on Monday that he had disclosed privileged information about KPMG's clients to a friend, knowing the tips would be used to trade stocks. District Judge George H. Wu ordered London to return Oct. 21 for sentencing. The conviction carries a maximum term of 20 years in prison.
BUSINESS
July 1, 2013 | By Stuart Pfeifer
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.
BUSINESS
June 17, 2013 | By Adolfo Flores
The arraignment for Scott London, the former KPMG auditor accused of participating in an insider trading scheme that netted over $1 million, was postponed Monday to an unknown date. It was pushed back because federal prosecutors expect to move the matter before a different judge -- U.S. District Court Judge George H. Wu, who is overseeing the case for Bryan Shaw, the other defendant involved in the alleged crime. The U.S. Department of Justice charged London with one count of conspiracy to commit securities fraud through insider trading.
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