KPMG Partner's Guilty Plea Delayed

Jun 19 2013 | 9:43am ET

The former KPMG partner who has admitted to passing tips about several companies to a friend was arraigned on fraud charges this week—with a not-guilty plea entered on his behalf.

Scott London's procedural profession of innocence won't last long: He will plead guilty once his case is transferred to U.S. District Judge George Wu, who is overseeing the case against the beneficiary of his tips, Bryan Shaw. Shaw is also to plead guilty.

London faces up to 20 years in prison on the securities fraud count. He is expected change his plea within days.

At the arraignment, London spoke with reporters, telling them he was "shocked" that Shaw had made $1 million trading on tips about Herbalife and Skechers USA, while he himself had received about $70,000 in kickbacks. And he discussed his future plans.

"I won't be practicing before the SEC, but it'll be something," he said. "I'll wait tables."


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.