Bryan Shaw sentenced for conspiracy re: insider trading case with former KMPG partner Scott London
Initial report at about 12:25 from CNBC: 5 months in prison.
Will update during day as more reports become visible.
Reuters reports Jeweler who traded on ex-KPMG partner’s tips sentenced to prison. Report says five months in prison. No fine, in light of $1.9M already paid to SEC as penalty and disgorgement. Prosecution was only asking for $3K fine; that is a minor difference between $0 and $3K.
Los Angeles Times runs that infamous parking lot photo at top of article: Informant in KPMG insider trading case sentenced to 5 months in prison. The reporter, Riley Snyder, was obviously in court during sentencing provided some of the context you won’t otherwise see in reporting or transcripts:
Shaw, who was joined by several family members in court, fought through tears to deliver a handwritten apology to Wu before the sentencing.
You will never, ever see me again,” Shaw said, his voice quivering.
Post-Periodical – Encino Jeweler Sentenced for Insider Trading – Also, 3 years supervised release.
5:30 update – From the few stats available on my site, it looks like there are quite a few people clicking through to the articles linked above. Good. I’ll provide a few more:
The State – LA merchant gets prison for insider trading – This is the Associated Press version of the story, which will appear in many places. It is rather short. Won’t give any new info to anyone who has visited this blog, but is a good 20 line summary.
LA Business Journal – Insider Trading Co-Conspirator Sentenced – Extremely short summary – 12 lines.
LA Times article by Riley Snyder updated at 7:01 p.m. – Bryan Shaw sentenced to prison in KPMG insider trading case. A few new details. The judge recommends a federal facility for nonviolent offenders, either in Lompoc or Taft. Upland’s ex-mayor, John Pomierski, served his time in Taft. Mr. Shaw has 60 days to report, which would be about 8/2.
Update: Mr. Shaw released on 11/28/14 after serving 5 months.