Friend of ex-KPMG auditor pleads guilty in insider case
Bryan Shaw, a Californian jeweller, has pleaded guilty to one count of conspiracy to commit securities fraud. Shaw has admitted taking tips on Skechers and Herbalife in exchange for $1.3m from his golfing partner, Scott London. London was a KMPG auditor for 29 years until his arrest and dismissal last month. KPMG resigned as auditors for Skechers and Herbalife as soon as the leaks became known.
ADM reserves $25 million for settlement
Commodities giant Archer Daniels-Midland Company has stated that it has reserved US$25 million for disgorgement, penalties or fines that may be imposed under a potential FCPA settlement. The company is currently in settlement talks with the US Department of Justice and Securities Exchange Commission. The company stated the investigation relates to potential violations of the FCPA and other US and foreign laws arising from the handling of grain and feed exports.