Wednesday, May 29, 2013

KPMG Ex-Partner to Plead Guilty of Insider Trading

From WSJ: A former senior partner at KPMG LLP agreed to plead guilty to securities fraud for providing confidential information about KPMG clients to a friend as part of an insider-trading scheme, the Justice Department said in court filings Tuesday.

Scott London, 50 years old, agreed to plead guilty to one count of securities fraud. The move was expected. London admitted wrongdoing almost as soon as the insider-trading scheme became known in April. His attorney, Harland W. Braun, has previously said London intended to plead guilty. Mr. Braun couldn't be reached for comment Tuesday.  London faces up to 20 years in prison, though he is likely to receive a lesser sentence under federal sentencing guidelines….

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