14 months for Scott London in insider trading case

The Los Angeles Times is reporting KPMG partner who gave tips to golf buddy sentenced for insider trading.

Stuart Pfeifer reports Judge George Wu sentenced Scott London to 14 months in federal prison and a $100,000 fine.

Defense counsel had argued for 6 to 12 months, according to the article.

More info to follow.

Update 1 at 12:35:

First 4 visible articles:

The Wall Street Journal article says Mr. London will report to jail on by July 18. Also gets three years probation after jail.

Update 2 – My understanding of the federal sentencing deal is you actually serve the time you are sentenced. However, there is an allowance for 54 days off the sentence for each year of good behavior. If my simple understanding is correct, that means time in jail would be 14 months minus 54 days, or about 1 year and 6 days.

Update 3 – Quotes from sentencing hearing today – Other than that Mrs. Lincoln, how was the play?.

Update 4: CNBC has video of Mr. London leaving court today. Nothing notable in the video or report other than the camera operator walking the camera forward into the side of Mr. London’s head. Camera operator stepped around reporter and photographer for better shot and then stepped forward putting the lens into Mr. London’s ear. Looks to me like fault goes to: camera operator.

Update 5: There have been a couple dozen articles published in the last 4 hours.  Seems like they are just rewriting the previous articles. Not much new info.  One odd thing I need to go back and research is just what did Mr. London request for a sentence and what did his attorney request. Seems there have been several conflicting reports. As of quarter to 5, the sentencing documents are not visible on the PACER website.

I don’t know the etiquette of the video part of the news biz, but I’m guessing that making contact with on the subject of your camera work with using the lens of your camera is not a particularly good career advancing move.

Update 6: Judicial consequences and some major embarrassment consequences.

Update 7:  My perceptions on the Sequence of arguments for sentencing in Scott London case

Update 8: KPMG response to London sentencing and my guess on next step for firm.

Update 9, 4/25 1:45: I’m getting a huge amount of visitors to this page (well, huge for my little bitty site at least). So probably time for another disclosure. A long time ago I worked in the Albuquerque office of Peat Marwick Mitchell, as KPMG was known then. I enjoyed my time there and have the utmost respect for the colleagues that I worked with.  I also am a practicing CPA providing audits to the nonprofit community. That makes me an infinitesimally small, sub-microscopic competitor to KPMG. Filter my comments as you wish.

Your thoughts?

Any comments on the sentencing? What do you think?

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