Insider Trader Is Identified

Insider Trader Is IdentifiedThe Los Angeles-area man who traded on confidential information provided by a former KPMG LLP partner at the center of a federal insider-trading probe is Bryan Shaw, his lawyer said.

Between 2010 and last year, Mr. Shaw “received non-public information from Scott London about a number of companies and then profited substantially from stock trades based upon that information,” according to a statement he issued through Nathan Hochman of Bingham McCutchen LLP. “I cannot begin to apologize for my incredibly stupid actions. There is no excuse for my wrongful conduct.”

Mr. London was fired Friday by KPMG after he admitted to investigators that he passed confidential information about audit clients Herbalife Ltd. and Skechers USA Inc. to a man he met at a golf club, who used the tips to trade stocks. The man hasn’t previously been identified.

The Federal Bureau of Investigation, Justice Department and Securities and Exchange Commission are investigating trading in the shares of several KPMG corporate clients on the West Coast, according to people familiar with the probes.

YahooFinance

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