Trader Who Got Insider Tips From KPMG Accountant Says Sorry


A jeweler and diamond broker has apologized for trading on former KMPG partner Scott London's stock tips.

Los Angeles-area resident Bryan Shaw has issued a statement saying he's cooperating with multiple federal investigators.

Bloomberg's Edvard Pettersson has Shaw's statement, via his lawyer:


During 2010 through 2012, I received non-public information from Scott London about a number of companies and then profited substantially from stock trades based upon that information. I cannot begin to apologize for my incredibly stupid actions...Over the past several months, I have fully cooperated with the FBI, the SEC, and the U.S. Department of Justice in their ongoing investigation of this matter. I expect that my actions will result in significant civil and criminal consequences, but I realize that this is the painful price I will pay for my transgressions.

Multiple sources report Shaw is a partner at Shaw Diamond Co. of Encino, Calif.