Attestation Update – A&A for CPAs

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Bryan Shaw pleads guilty for conspiracy in KPMG insider trading fiasco because he’s guilty. Oh, and a really small additional consequence for Mr. London – #8

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The tippee in the KPMG insider trading case, Bryan Shaw, entered a guilty plea Monday on one count.

Check out the identical headlines (no, they aren’t from the same reporter or picked up on from a wire service):

Sentencing is set for September 16.

Why did he plead guilty? Because he is.

Check out this very unlawyerly like comment from his lawyer:

“He pled guilty because he is guilty,” Hochman said. “Mr. Shaw, as he’s been heard saying, made some incredibly stupid decisions.”

Admitted payments to Scott London include $60k in cash, an expensive watch (claimed to be worth $12k), jewelry for Mr. London’s wife (no description of items or value), concert tickets, along with “expensive” meals. I’ve not seen indication of the size of Mr. London’s total haul.

In addition to all the other consequences facing Mr. London, picture the look on his wife’s face when she realized that really lovely piece of jewelry her husband picked out so carefully for their anniversary was actually from Mr. Bryan. And will cost jail time. And will likely go the U.S. Treasury.

You know it won’t be a pleasant dinner when the conversation starter is: “So tell me honey, which of the pieces of jewelry you have lovingly given me in the last two years did you actually buy?” 

Mr. London will be in court May 30, which is Thursday of next week.

Written by Jim Ulvog

May 20, 2013, 19:39 pm at 7:39 pm

Posted in Audits

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