Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Former KPMG partner enters plea agreement

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Former KPMG regional audit PIC Scott London entered a plea agreement on Tuesday according to multiple media sources.

The agreement says he passed information to his golf buddy at least 14 times.

The Encino Patch article linked below says he will plead guilty to one felony charge of securities fraud through insider trading with potential prison term of 20 years. Multiple other reports list that as the potential penalty. The Week adds that the potential fine is up to $5M.

The article also says Mr. London likely won’t be appearing in court this Friday, as was previously scheduled.

I can’t find the plea agreement on-line. Published reports about the plea don’t show any new information that wasn’t previously known.

Mr. Shaw is expected to be sentenced September 16.

A few articles for further info:

As of this morning, there isn’t a press release posted at the website for the U.S. Attorney for Central District of California.

Update: The U.S. Attorney’s press release is here. Only new information is that Mr. London will appear in court June 17 for arraignment.

Written by Jim Ulvog

May 29, 2013, 8:26 am at 8:26 am

Posted in Audits

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