Former KPMG senior partner Scott London was indicted Thursday for insider trading. According to the U.S. Justice Department, London, who was in charge of the accounting firm's Pacific Southwest auditing practice, accepted bags of money and a Rolex from his friend Bryan Shaw in exchange for confidential information on KPMG clients Herbalife, Deckers Outdoor Corp., and Skechers. As a result of this arrangement, Shaw allegedly raked in over $1 million. KPMG announced Monday that London—who admitted to giving Shaw insider tips—had been fired and the firm had resigned from its engagements with Herbalife and Skechers.
