Bryan Shaw, the Encino jeweler who made $1.6 million on stocks he traded with insider information from former KPMG senior partner Scott London, was sentenced to five months in prison on Monday.
The decision was handed down by U.S. District Judge George Wu in a Los Angeles court. Shaw has already paid about $1.9 million in restitution of illegal profits and a penalty resulting from a settlement with the Securities and Exchange Commission, Reuters reported. Shaw pleaded guilty last year to one count of conspiracy and cooperated in the prosecution of London.
Shaw was given confidential information regarding pending deals and earnings announcements from companies that were clients of London’s at KPMG, including Herbalife and Skechers USA Inc. In exchange, Shaw paid London about $60,000 in cash, along with other gifts.
London, who worked at KPMG’s downtown Los Angeles office before he was fired, also pleaded guilty and was sentenced in April to 14 months in prison.
For reprint and licensing requests for this article, CLICK HERE.