An Agoura Hills man who was a former senior partner with a major accounting firm has been charged by federal prosecutors with a securities fraud scheme, but his attorney says the man is admitting his involvement.
Officials with the United States Attorney’s office in Los Angeles, and the FBI say Scott London provided confidential information about KPMG clients to a close friend of his, who used the information to make highly profitable, but illegal securities trades.
Investigators say the senior executive passed sensitive, and confidential information to Bryan Shaw for more than two years. They say Shaw then paid London for the information with tens of thousands of dollars in cash, and expensive gifts. FBI officials say Shaw turned informant, working with agents to catch London in the process of picking up payoffs for information.
London’s attorney says the Agoura Hills man isn’t going to fight the charge. London could face up to five years in prison, plus massive fines.