Audits

The Agoura Hills Patch reports Businesssman Out on Bail in KPMG Insider Trading Case Involving Agoura Hills Man.

I’ve been watching for news on these court appearances and no one else seems to have given any coverage.

The article says Bryan Shaw was in court last Friday, 5-10. He is out on $50,000 bail with his next court appearance on Monday 5-20. He is expected to enter a guilty plea.

Scott London will appear in court on Thursday, May 30. Initially he was going to appear Friday, May 17.

On Monday, the Department of Justice indicted Mr. Bryan Shaw, the golfing buddy of former KPMG partner Scott London on one felony count of conspiracy. Mr. Shaw reportedly entered a plea agreement saying he would plead guilty and agree to disgorge about $1.27M of profits.

The press release from the Department of Justice is here.

A few other news reports:

• Wall Street Journal – Guilty Plea in KPMG Case
• Los Angeles Times – Jeweler agrees to plead guilty in KPMG insider-trading case

I’ve looked briefly a couple of times and can’t find the indictment and plea agreement on-line.

Here are a few comments in the DoJ press release I found interesting.

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First guilty plea in KPMG insider trading fiasco – 5-7-13 updateRead More »

The story on a KPMG partner trading on inside information is over.

That is the conclusion from comments by Mr. Michael Andrew, chairman of KPMG International.  Mr. Andrew made several noteworthy comments during interviews in China.

The Financial Times reports KPMG chief dismisses ‘one-day wonder’ scandal:

The chairman of KPMG has dismissed as a “one-day wonder” the insider trading scandal involving the former head of the firm’s Los Angeles audit practice.

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Insider trading update 4-24-13 – We should be done with the story by nowRead More »

A few articles of interest today on the alleged insider trading mess at KPMG.

I’ll start by giving yet one more illustration that we should to be very careful with Facebook comments.

You may read them again.

In the Los Angeles Times.

And at Going Concern.

Two articles discuss whether the partner actually stepped back from the engagement during the required five-year cooling-off time.

Final article shows he was lead partner on three more audits.

Be careful of what you say on Facebook

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Not much news the last few days.  Only two articles I wanted to highlight that discuss the allegations of insider trading against former KPMG partner Scott London:

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Jail is really, really bad. Are there any other consequence on the horizon for a CPA accused of insider trading?

Oh yeah. There’s a really long list of really bad things in the really near future.

This series of posts has examined the possible consequences on the horizon for Mr. Scott London, former KPMG partner, as a result of his indictment for allegedly trading on insider information. The Feds have accused him of passing on inside info to a golf buddy who in turn allegedly made over a million bucks in trading.

Previous posts: 1, 2, 3, 4, 5, and 6.

Why this series?

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Consequences – insider trading edition – the conclusion #7Read More »

Is possible time in jail the only bad thing on the horizon for a CPA accused of insider trading? Not even close. There’s a long list of bad things within view.

This series of posts is examining the possible consequences on the horizon for Mr. Scott London, former KPMG partner, as a result of his indictment for allegedly trading on insider information.

This post will discuss

• Fodder for armchair psychoanalysis
• Limited future employability
• Legal fees for civil litigation
• Financial devastation

Previous posts are here, here, here, here, and here.

Fodder for armchair psychoanalysis

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Consequences – insider trading edition – #6Read More »

Is possible time in jail the only bad thing on the horizon for a CPA accused of insider trading? Not quite. There’s a long list of bad things within view.

This series of posts is examining the possible consequences on the horizon for Mr. Scott London, former KPMG partner, as a result of his indictment for allegedly trading on insider information.

This post will discuss

• Poster child for (fill in the blank)
• Stress on marriage
• Impact on family

Previous posts are here, here, here, and here.

Poster child for (fill in the blank for your favorite agenda)

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Consequences – insider trading edition – #5Read More »

Is possible jail the only bad thing on the horizon for a CPA accused of insider trading? Not quite. There’s a long list of bad things within view.

This post will cover one possible consequence: the possibility of being sued by KPMG.

This series of posts is examining the consequences on the horizon for Mr. Scott London, former KPMG partner, as a result of his indictment for allegedly trading on insider information

Previous posts have discussed:

• Jail time
• Criminal fines
• Legal fees for criminal case
• Civil fines
• Criminal tax enforcement
• Publicity
• Loss of employment
• Loss of reputation
• Loss of professional license

Litigation from employer

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Consequences – insider trading edition – #4Read More »

Is possible jail the only bad thing on the horizon for a CPA who allegedly committed insider trading? Not quite. There’s a long list of bad things within view.

This series of posts is examining the consequences on the horizon for Mr. Scott London, former KPMG partner, as a result of his indictment for allegedly trading on insider information.

This post discusses the possible consequences of:

• loss of employment,
• loss of reputation,
• loss of professional licensing

First two posts in this series are here and here.

Loss of employment

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Consequences – insider trading edition – #3Read More »

As most CPAs scramble to take care of the last few details tonight, I’ll give a quick summary of the news about Mr. Scott London, the now-former partner from KPMG who allegedly was engaged in some insider trading.

Not much news over the last few days after a frantic week. I haven’t seen anyone come up with a vaguely plausible answer to “why?”

Here’s a bit of update:

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KPMG insider trading update – 4-15-13 – fibbing about college baseball?Read More »

Is possible jail the only bad thing on the horizon for a CPA accused of insider trading? Not quite. There’s a long list of bad things within view.

This series of posts is examining the consequences on the horizon for Mr. Scott London, former KPMG partner, as a result of his indictment for allegedly trading on insider information. For some time I’ve been writing on the tragedy of fraud with a focus on the consequences that befall the perpetrator.

This post discusses the possible consequences of:

• Criminal tax enforcement
• Publicity

Criminal tax enforcement

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Consequences – insider trading edition – #2Read More »