FlickrThis is not Brian Shaw.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 apologise 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 realise 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.
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