Search Results for: london interview

Preparation for prison and life after release.

This is the last post describing Scott London’s interview during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros & The Cons.

This post will cover preparation for prison, life afterwards, and another earned consequence.

Preparation for prison

When asked, Mr. London said he is spending a lot of time with family and friends before he reports to prison.

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Comments from Scott London interview – 7th and final partRead More »

This is the sixth in a series of posts describing comments in an interview of Scott London during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros & The Cons.

This post will cover a few stray comments in the interview.

Expectation of total amount of insider trading gains

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Comments from Scott London interview – part 6Read More »

This is the fifth in a series of posts describing comments in an interview of Scott London during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros & The Cons.

Motivation

In the interview, Mr. London said he is still working through the issues that led him to do this. The underlying factor is a behavioral issue inside of him. He insisted it has nothing to do with the KPMG system.

At the point that sharing transitioned from public to nonpublic information, Mr. London thinks he was responding to the appeal of human nature to help a friend in need once in a while. There was a definite slippery slope. In the midst of these comments Mr. London was clear that he took the blame.

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Comments from Scott London interview – part 5 – motivationRead More »

This is the fourth in a series of posts describing comments in an interview of Scott London during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros & The Cons.

The worst day of his life

The FBI knocked on the door of the London home at 8 AM after everyone else had left the house. Mr. London said that was the worst day of his life.

No kidding.

The interview lasted about 15 minutes. Their biggest concern? How many other people were involved.

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Comments from Scott London interview – part 4Read More »

This is the third in a series of posts describing comments in an interview of Scott London during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros & The Cons.

Status with Bureau of Prisons

As an aside, the Bureau of Prisons has an Inmate Locator Service, which provides public disclosure of federal inmates.

On July 10, Scott London is listed in their database. His register number is 64641-112.

His status is Not in BOP Custody with a release date of Unknown.

Back to the interview…

The sting

Let’s step outside the interview.  At a time I’ll tie in later, the SEC called Mr. Shaw. He poured out the whole story.

Then the FBI got involved and the sting started.

Back to the interview.

In early 2013 Mr. London received three or four phone calls from Mr. Shaw asking for more information.

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Comments from Scott London interview – part 3Read More »

This is the second in a series of posts describing comments in an interview of Scott London during a four-hour CPE session on June 26. The first post explained the goal of this series is to organize a number of comments in the session. The course was presented by The Pros & The Cons.

The payoffs

Mr. London says he got around $50,000 in total. He thinks that Mr. Shaw exaggerated the jewelry and concert tickets in order to make the playoffs look bigger. He thinks Mr. Shaw may have paid $3,000 for the watch.

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Comments from Scott London interview – part 2Read More »

On June 26, 2014, Scott London was interviewed in a four-hour CPE webcast on professional ethics.

The course was presented by The Pros & The Cons. The interviewers were Gary Zuene, CPA, Gaylen Hansen, CPA, and Michael Sallah of the Washington Post.

There are two published interviews that took place before the CPE session:

• 6/21 – Quentin Fottrell at Market Watch – Confessions of an insider trader on the eve of his prison sentence
• 6/16 – Walter Pavlo at Forbes – Fmr KPMG Partner Scott London Shares Cautionary Tale Before Prison

I’ve seen two articles discussing the interview:

• 6/25 – Michael Rapoport at Wall Street Journal – Prison-Bound KPMG Ex-Partner Remorseful for Insider Tips.
• 6/27 – Michael Cohn at Accounting Today – Former KPMG Partner Scott London Speaks out Before Starting Prison Term

This post will summarize some of the comments from that interview that I found to be of particular interest.

The goal of this series of posts is to get the interview comments organizing into related topics.

Context for this series

I am presenting my comments about the interview with only a few narrative statements. At some later point I will correlate this with other news reports.

I won’t comment now about my perceptions or how we interpret Mr. London’s comments. That is for another series of posts. Maybe.

How did the insider trading scheme develop?

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Comments from Scott London during interview – part 1Read More »

Scott London was interviewed at length during a CPE webcast presented June 25, 2014. The class was presented by Gary Zuene, of The Pros & The Cons.

Mr. London was remarkably open.

He repeatedly accepted full blame for the insider trading. At several points he explained the context, pressures he was under, and actions by others (especially his golfing buddy) that help us understand the situation better. Each time he mentioned something outside of himself he again said that he is responsible. He is to blame.

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Interview with Scott London during CPE webcastRead More »

Two interviews of Scott London have appeared quite recently in advance of his marathon interview in a CPE class:

• 6/21 – Quentin Fottrell at Market Watch – Confessions of an insider trader on the eve of his prison sentence
• 6/16 – Walter Pavlo at Forbes – Fmr KPMG Partner Scott London Shares Cautionary Tale Before Prison

A few ideas from each of the interviews and a few of my observations.

Quentin Fottrell at Market Watch –

Mr. London perceives that insider trading is rampant.

He asserts he received about $50,000 in total, which includes the Rolex (which he rarely wore), and concert tickets.

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2 interviews with Scott LondonRead More »

Well, at least I think it will be the event to see. Next Wednesday, June 25, Scott London will be interviewed in a webcast presented by The Pros & The Cons.

To my recollection, all the previous interviews of Mr. London were brief events entering or leaving a court room. There have been a few conversations with reporters, but nothing in detail. This will be the first, in-depth interview I know of. Several hours will allow the time to give full, nuanced answers and explore follow-up questions.

Gaylen Hansen, former chair of the NASBA Ethics Committee will be the lead interviewer. Gary Zuene recently announced the Michael Sallah, investigative journalist from The Washington Post, has joined the interviewing team. Looks to be a great team of interviewers.

Block out 1 to 5 Eastern / 9 to 1 10 until 2 Pacific time for a 4 hour ethics class.

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CPE event of the year – 4 hour ethics class featuring interview with Scott LondonRead More »

Looks like he surrendered into custody yesterday.

The Bureau of Prisons has an Inmate Locator Service which provides location and incarceration data for all federal prisoners since 1982. Lookup is by name or register number.

As of Saturday morning, 7/19, the locator shows Scott London (register 64641-112) is incarcerated at Taft Correctional Institute, near Bakersfield, California.

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Scott London is in prison on 7/19/14. Expected release date 7/23/15.Read More »