Jewelry store owner reaches plea deal in KPMG case

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Associated Press

Posted on May 6, 2013 at 2:04 PM

Updated Monday, May 6 at 4:02 PM

LOS ANGELES (AP) — The owner of a San Fernando Valley jewelry store has reached a plea agreement for his role in an insider-trading case involving a senior partner with KPMG LLP.

The Department of Justice says that Bryan Shaw was charged Monday with one count of conspiracy for using insider information about KPMG's clients to make illegal stock trades that led to more than $1 million in profits.

As part of his agreement, Shaw agreed to plead guilty to the felony offense and admitted that he plotted with the former KPMG partner, Scott London, to commit securities fraud. He will also forfeit nearly $1.3 million in illegal stock-trading profits.

London was charged last month for his role in the scheme that took place from 2010 to 2012.

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