An Agoura Hills man who was a former senior partner with a major accounting firm entered a guilty plea to a securities fraud charge.
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.
Prosecutors say London agreed to plead guilty to one felony count, which carries a maximum 20 year prison term.
Investigators say the senior executive passed confidential information to his friend, Bryan Shaw for more than two years.
They say Shaw 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. Shaw entered a guilty plea to one count of conspiracy, and will be sentenced in September.