Scott London, the former partner in charge of KPMG s Pacific Southwest audit practice, talked about what led up to his fraud conviction and insider trading charges during a webinar before he begins a 14-month prison term next month. London was charged with passing inside tips about Herbalife Ltd. and Skechers USA Inc. in exchange for cash, jewelry and concert tickets. As I mentioned earlier, there were some comments in public by Mr. London’s attorney… He was in charge of audit practice for KPMG in Southern California. Scott London, a former senior audit partner at KPMG LLP, was sentenced to 14 months in federal prison on Thursday for providing inside information about several of his firm’s clients to a friend, who used it to make at least $1.6 million in illicit profits. In the case of Scott London, the former partner in charge of the KPMG’s Southern California’s regional audit practice, it was a bit of each that motivated him to violate ethical standards and, in the course of doing so, causing the audit opinions signed by London on Skechers and Herbalife to be withdrawn by the accounting firm. Former KPMG partner Scott London on Monday pleaded guilty in Los Angeles federal court to one count of securities fraud for his involvement in an insider-trading scheme. To understand why accounting ethics fail one has to look to the underlying reasons and sometimes they are not clear on the surface. London has been at the firm for over 29 years, according to his LinkedIn profile. After the sentencing of Scott London to 14 months in prison, KPMG issued me (and the rest of the world) a statement saying: It was appropriate that Scott London was held accountable for the consequence of his illegal and unethical action. Scott London, the former Los Angeles KPMG partner who pled guilty to insider trading, is out of prison – and back to work. Scott London, the former KPMG LLP partner who led the firm?s audit practice in Los Angeles, exits federal court in Los Angeles, California, U.S., on Thursday, April 11, 2013. Scott London, former audit partner at KPMG, is a classic example of an individual who succumbed to this temptation, but not really for the money. The SEC alleges that Scott London (L) tipped Bryan Shaw with confidential details about five KPMG audit clients and enabled Shaw to make more than $1.2 million in … KPMG International Limited (or simply KPMG) is an Anglo-Dutch multinational professional services network, and one of the Big Four accounting organizations.. Headquartered in Amstelveen, the Netherlands, although incorporated in the United Kingdom, KPMG is a network of firms in 147 countries, with over 219,000 employees and has three lines of services: financial audit, tax, and advisory. Scott London et al., United States District Court for the Central District of California, Case No.
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