I’ve not seen much news lately on the alleged insider trading by former KPMG partner Scott London. Two articles of interest.
These two articles have different perspectives on how much responsiblity belongs to the firm. We need a long wrestle match with that question.
A pattern?
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We know the price Mr. Scott London, former partner of KPMG is accused of setting for his integrity, honor, and reputation. The entrance price tag was several thousand dollars and added up to under $100,000.
Cumulative amount is allegedly $50K cash plus a watch with claimed FMV of $12K plus some concert tickets for his family, with asserted total around $70K or $90K.
That total allegation isn’t the real measure of his price. The starting point was a few thousand dollars in the first deal. If the story outlined in the criminal indictment is correct, that is the point his integrity was sold.
An old joke about your price
There is an old joke with many variations that goes something like this:
Man to woman in a social setting: “would you sleep with me for a million dollars?”
She indicated she would be willing to do so.
Him: “How about for $20?”
With great indignation, she said “Of course not! What kind of woman do you think I am?”
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What is your price? Read 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 »
Insider trading update 4-24-13 – We should be done with the story by now Read 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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KPMG insider trading update – 4-22-13 Read More »
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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KPMG insider trading update Read More »
My 7 posts dealing with the possible consequences about to drop on the head of Mr. Scott London as a result of his alleged insider trading have been combined into one page. You can read all the posts in one place by going to the top right corner of this blog, looking at the “Pages” section, then clicking the item “Consequences of insider trading incident.”
Or you can click here to get there directly.
Posts on consequences of insider trading are combined into one Page Read More »
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 »
Consequences – insider trading edition – the conclusion #7 Read 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
Previous posts are here, here, here, here, and here.
Fodder for armchair psychoanalysis
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Consequences – insider trading edition – #6 Read 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
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 – #5 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 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:
Litigation from employer
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Consequences – insider trading edition – #4 Read 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:
First two posts in this series are here and here.
Loss of employment
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Consequences – insider trading edition – #3 Read 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 »
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
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Consequences – insider trading edition – #2 Read More »
A few articles of interest out today on the alleged insider trading by former KPMG partner Scott London.
Wall Street Journal – Question in KPMG Case: Why?
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Background articles emerging on KPMG insider trading fiascoRead More »
Background articles emerging on KPMG insider trading fiasco Read More »
“How will this look on the front page of the Wall Street Journal?” is a handy question to use when pondering what to do about an accounting or auditing issue. It’s useful for any business decision.
I’ve used that for myself and as an illustration for clients and other people I’m talking to. It provides a good way to frame up how a decision will look to other people.
For the second time this week, Mr. Scott London, formerly a partner at KPMG, has seen how this question plays out.
The front page of the Wall Street Journal today has a headline across three columns:
How would you like to be the subject of the article?
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Failing the front-page-of-The-Wall-Street-Journal test twice in one weekRead More »
Failing the front-page-of-The-Wall-Street-Journal test twice in one week Read More »