Ex-KPMG partner pleads guilty in trading case
LOS ANGELES (AP) â¿¿ A former partner at the giant accounting firm KPMG LLC pleaded guilty Monday to a securities fraud charge that authorities said involved providing insider information to a friend who plied him with cash, a Rolex watch and other luxury items.
Scott London entered the plea in U.S. District Court in Los Angeles to the felony count that carries a maximum 20-year prison term. He's scheduled to be sentenced on Oct. 21. His attorney could argue for a lesser sentence.Prosecutors said London gave privileged information to friend and jewelry store owner Bryan Shaw over several years. Shaw then used the information to trade in advance of announcements from KPMG clients such as Herbalife Ltd. and Skechers USA Inc., authorities said. He is estimated to have reaped more than $1 million in profits. ___ Disney board extends Iger's CEO and chairman post BURBANK, Calif. (AP) â¿¿ The Walt Disney Co.'s board wants Chairman and CEO Robert A. Iger to stick around a bit longer. The media conglomerate said Monday that the board extended Iger's tenure through June 30, 2016, when his contract is due to expire. Disney noted that the terms of Iger's contract were not changed. Prior arrangements had Iger, 62, remaining CEO until April 1, 2015, and then as executive chairman for another 15 months to help in the transition to Disney's next CEO. The extension suggests Disney's board has yet to make a decision on Iger's successor. ___ By The Associated Press= The Dow Jones industrial average gained 65.36 points, or 0.4 percent, to 14,974.96. The S&P 500 index rose 8.68 points, or 0.54 percent, to 1,614.96. The Nasdaq composite rose 31.24 points, or 0.9 percent, to 3,434.49. Benchmark crude for August delivery rose $1.43 to close at $97.99 a barrel on the New York Mercantile Exchange. In London, Brent crude gained 84 cents to end at $103 a barrel on the ICE Futures exchange.