SEC bans ex-KPMG partner for insider trading

Scott London, the former KPMG audit partner who pleaded guilt to insider trading, has been banned for life from working as an accountant with listed companies.

According to a statement from the US Securities and Exchange Commission (SEC), the former head of KPMG's Los Angeles office was guilty of "multiple auditor independence rule violations", including "accepting cash and other things of value as compensation for tips he provided to a friend concerning five audit clients."

In April, KPMG resigned from the audits of Sketchers and Herbalife, saying that its audit independence had...

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