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March 30, 2023

When accounting goes unaccounted for

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Bryan Shaw

KPMG

Reminder: Insider Trading Turned Out Badly for Ex-KPMG Partner Scott London

by Caleb Newquist

UPDATE: See update below regarding sentencing timing. It's been quite awhile since we've been on the Scott London beat, but something interesting was brought to our attention late last week that's worth sharing. In a court filing from last month, London's attorney Harland Braun laid out the arguments against a Presentence Report by the United States […]

KPMG

KPMG Can’t Control the Scott Londons of the World, Says Scott London

by Caleb Newquist

Scott London pleaded guilty in Los Angeles court earlier today, but prior to his appearance, he gave an interview to the Wall Street Journal where he admitted that after he had given his watch guy/co-conspirator Bryan Shaw material, non-public information about KPMG clients 14 times, the two men decided that their little insider trading scheme […]

KPMG

Bryan Shaw’s Lawyer Has a Perfectly Good Explanation for His Client’s Guilty Plea in KPMG Insider Trading Case

by Caleb Newquist

For once, we have a lawyer who is of very few words: "He pled guilty because he is guilty," [Nathan] Hochman said. "Mr. Shaw, as he's been heard saying, made some incredibly stupid decisions."  We can expect a similar explanation from Scott London on May 30. Stay tuned. [LAT]

KPMG

Former KPMG Partner’s ex-Golf Buddy/Co-conspirator Pleads Guilty in Insider Trading Case

by Caleb Newquist

Bryan Shaw, the man who provided ex-KPMG partner Scott London with Springsteen tickets, discount Rolexes, and black paper bags filled with cash in broad daylight, pleaded guilty to one count of conspiracy to commit securities fraud today.

KPMG

Scott London Won’t Be Making Flirty Comments on the Facebook Page of Bryan Shaw’s Wife Anytime Soon

by Caleb Newquist

It was nearly two weeks ago when we learned that ex-KPMG partner had dabbled in insider trading of several KPMG clients, including two — Herbalife and Skechers — that were audit clients of London's. It set off quite a firestorm, however when the criminal complaint against London came out, we discovered that the manner in which he and his golf buddy/watch guy Bryan Shaw conducted this little conspiracy was not too sophisticated. Phone calls. Meetings in parking lots. Black paper bags filled with cash. The Boss. It's what you might expect from a couple of middle-aged bros who had plenty of laughs together at the 19th hole. 

KPMG

(UPDATE) Complaint Says Scott London Admitted to Tipping Bryan Shaw About Five KPMG Clients

by Caleb Newquist

~ Update below includes details from the criminal complaint, including Springsteen tickets!

From the Journal:

Mr. London was charged with one count of conspiracy to commit securities fraud through insider trading, according to the criminal complaint. He faces up to five years in prison and a $250,000 fine. The complaint said the trades generated a profit of more than $1 million for his friend, Bryan Shaw. The complaint also says Mr. London tipped off Mr. Shaw about five KPMG clients, more than was previously known.