by The Compliance Exchange on May 29, 2013
THE SEC has brought an ex-KPMG partner to court for securities fraud and for accepting cash bribes and a Rolex watch in return for insider audit information.
Scott London, 50, agreed to plead guilty to one felony count of securities fraud that carries a maximum 20-year prison term.
London supplied a friend with insider knowledge of pre-announcement audit client results or pre-merger & acquisition announcements which had enabled the friend to accumulate wealth using insider trader information.
The accused is scheduled to appear in court Friday.