Sept. 27 --Former KPMG LLP audit partner Scott London, who pleaded guilty earlier this year to insider trading charges, agreed Sept. 27 to be barred from practicing as an accountant before the Securities and Exchange Commission (In re London, SEC, Admin. Proc. File No. 3-15530, 9/27/13).
According to the SEC, London committed “multiple auditor independence violations” by accepting money and other forms of compensation for tipping a friend to confidential information about five KPMG audit clients.
London neither admitted nor denied wrongdoing in consenting to the SEC practice bar and to cease and desist from future violations. He faces up to 20 years in prison on the criminal charges .
In a release, Michele Wein Layne, director of the SEC's Los Angeles Regional Office, said, “Auditor independence goes to the heart of investor protection, as it impacts [an] investor's ability to trust the information disclosed in issuers' financial statements. London's illegal activity caused a cascade of negative consequences because he compromised not only his impartiality, but KPMG's as well.”
London's alleged tippee, jewelry-store owner Bryan Shaw, also pleaded guilty to charges stemming from his alleged role in the controversy. Both London and Shaw, who cooperated with the government, previously settled related SEC civil allegations.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).