June 2014

Maneuvering in settlement talks for BNP Paribas and BofA

The extensive efforts by French government officials to intervene on behalf of BNP Paribas in order to reduce any penalties against the bank fell flat when President Obama announced that it is the Department of Justice that determines settlements and he will not intervene.

That according to a Wall Street Journal report, Obama Says He Has No Role in BNP Paribas Penalties.

Efforts to change the mind of US regulators include: …

Maneuvering in settlement talks for BNP Paribas and BofA Read More »

More info on the negotiating positions in the settlement talks for BNP Paribas evading trade prohibitions and pushback from France

A few more details on settlement talks mentioned earlier.

The N.Y state Department of Financial Services wants to see a dozen or more staff fired, including an unspecified number of executives.

The government position is fine of $10B or more.

So here’s the combined government position: …

More info on the negotiating positions in the settlement talks for BNP Paribas evading trade prohibitions and pushback from France Read More »

More context on the sentencing hearing for Scott London. Why I am writing so much about this case.

Found some more comments from coverage of the sentencing for Scott London that change the perception of the hearing. At least it changes my perception. Mentioned this earlier here. Wish I had been in the sentencing hearing.

Look at the comments I mentioned earlier:

The Wall Street Journal – Former KPMG Partner Scott London Gets 14 Months in Prison for Insider Trading: …

More context on the sentencing hearing for Scott London. Why I am writing so much about this case. Read More »

Bryan Shaw sentenced for conspiracy re: insider trading case with former KMPG partner Scott London

Initial report at about 12:25 from CNBC: 5 months in prison.

Will update during day as more reports become visible.

Updates:

Reuters reports Jeweler who traded on ex-KPMG partner’s tips sentenced to prison. Report says five months in prison. No fine, in light of $1.9M already paid to SEC as penalty and disgorgement. Prosecution was only asking for $3K fine; that is a minor difference between $0 and $3K.

Los Angeles Times runs that infamous parking lot photo at top of article: Informant in KPMG insider trading case sentenced to 5 months in prison. The reporter, Riley Snyder, was obviously in court during sentencing provided some of the context you won’t otherwise see in reporting or transcripts:

Shaw, who was joined by several family members in court, fought through tears to deliver a handwritten apology to Wu before the sentencing.

You will never, ever see me again,” Shaw said, his voice quivering.

Post-PeriodicalEncino Jeweler Sentenced for Insider Trading – Also, 3 years supervised release.

5:30 update – From the few stats available on my site, it looks like there are quite a few people clicking through to the articles linked above. Good. I’ll provide a few more:

The State LA merchant gets prison for insider trading – This is the Associated Press version of the story, which will appear in many places. It is rather short. Won’t give any new info to anyone who has visited this blog, but is a good 20 line summary.

LA Business Journal – Insider Trading Co-Conspirator Sentenced Extremely short summary – 12 lines.

6/3 update:

LA Times article by Riley Snyder updated at 7:01 p.m. – Bryan Shaw sentenced to prison in KPMG insider trading case.  A few new details.  The judge recommends a federal facility for nonviolent offenders, either in Lompoc or Taft.  Upland’s ex-mayor, John Pomierski, served his time in Taft. Mr. Shaw has 60 days to report, which would be about 8/2.

Update: Mr. Shaw released on 11/28/14 after serving 5 months.

 

Bryan Shaw sentenced for conspiracy re: insider trading case with former KMPG partner Scott London Read More »

Bryan Shaw sentencing watch. – Update on chronology.

UPDATE sentencing coverage in this post.

The federal PACER system does not show any updates as of the evening of 6/1 that would change the scheduled sentencing of Bryan Shaw on 6/2 for conspiracy for his insider trading based on information provided by former KPMG partner Scott London. Scheduled for 8:00 a.m. on June 2.

The defense has filed a supplemental sentencing document that spells out in more detail the cooperation provided by Mr. Shaw. I read through it and glanced at the initial complaint against Mr. London. Here are a few highlights:

Bryan Shaw sentencing watch. – Update on chronology. Read More »