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Photos of envelopes stuffed with cash being exchanged with an accountant and partner for one of the top accountant firms in the world KPMG we bring back the lawyer.
For the man who was receiving the tips Nathan Hochman has -- -- partner he's a lawyer represented the jeweler Brian -- Who received the inside information and then started working with the feds.
And and let me get back to some of the other issues before it's your client was.
Busted let's just put it that way she was given information by the KPMG partner.
Takeovers -- -- -- involving RSC holdings and Pacific capital -- can you talk about those cases because KPMG has not as as far as we know so far not released any statement about those yet.
Share my client mr.
Shaw had not traded ever in either one of that -- stocks.
And then -- alerted right before the mergers and they each one of those companies went through in 20112012.
London that those mergers are gonna take place.
When a -- like Jack it takes place usually the acquired company is gonna go up substantially right.
And that they had a number of phone calls both -- before and after.
Need to merger.
In which mr.
shop placed significant long bets -- on each of the acquired companies.
And me this is significant amount of money.
Well again we're showing the picture of your client handing.
London Scotland in the KPMG partner an envelope with 5000 in cash.
How much and and we talked about jewelry that was a Rolex involved apparently in some concert tickets how much total.
Because we've seen different numbers I've seen everything from a 100000 in value.
Two more than that did your client end up giving.
The KPMG partner.
Well between cash jeweler aid concert tickets in -- -- meals.
He was in excess of a 100000 dollars and how much would you say.
That Brian -- made on these -- I've also seen everywhere from a million to one point 27 million we just want to clarify with you view his attorney.
It was over a million dollars.
And and -- cash itself you know it.
Talking exactly about that I go to the concert ticket what concert was -- I -- it we have more people asking about how could that be an enticement.
Again why mr.
line didn't did these.
Breached his fiduciary duties is between mr.
-- in his own conscious.
You know Bryant shot very -- -- and very unfortunately.
Took that information traded on illegally.
And it's gonna suffer this civil and criminal consequences for his actions how how -- -- him how to -- client I mean we say that his.
His -- fidelity was frozen awhile back but what tipped the SEC off -- You know we don't know what exactly -- the SEC office and in many cases the SEC sends out subpoena as.
You know hoping that they'll get some information and a lot of times they don't.
In this case immediately after getting the SEC subpoena.
-- contacted counsel myself.
And maybe in some ways a bold and courageous decision before any investigation that occurred.
If he would go right to the government and fully grown completely and truthfully.
Tell them the entire story as we finish -- -- AM.
are these guys say we did incredibly difficult decision.
Shaw stepped up.
Made that decision and then engage in an undercover investigation.
That led to be the criminal complaint you happy.
-- -- okay that's what I wanna finish with what was it like for your clients -- Where -- wiretap we see it on television it's a whole different ball game when it's in real life that must've been somewhat traumatic.
Shaw headed had no contact with the criminal justice system in eight years I've never been convicted or arrested of any thing.
Considered to get in with the FBI and and to do this is it extraordinarily difficult for someone but he understood that that was what was needed to make things right.
-- stepped up and he did it.
Any deal do you expect there will be of much reduced sentence or any jail time at all for some time.
The government has made absolutely no commitments on what intends to do it -- -- we hope -- take into account.
But today we have no agreements with -- the SEC religion.
It has no agreement whatsoever we will wait to hear more developments on this Nathan Hochman is the -- -- -- partner he's also a former US Department of Justice assistant attorney general he worked in the tax division his -- prosecuted and defended these types of cases.
And we will continue to watch it Nathan Hochman.
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