Ex-KPMG Auditor Charged in Cash-for-Tips Plot

April 12, 2013

As investors Carl Icahn and William Ackman bickered loudly on TV this year about their opposing bets on Herbalife, two other men were discussing the company in a different context: obtaining non-public information to trade ahead of the stock’s next move.

Referring to Icahn’s announcement that he had purchased a large stake in the nutritional-products company, one of the men said: “I wish you would’ve known that he was going to release that, and we could’ve made some money.”

The other replied: “Yeah, that would’ve been nice.”

According to prosecutors, the conversation was part of a call that California jeweler Bryan Shaw recorded and later shared with the FBI to help in its investigation of his longtime golf partner, Scott London. At the time, London was a senior KPMG auditor who had been leaking information about his clients to Shaw.

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