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HindustanTimes Mon,21 Apr 2014

KPMG quits 2 US firm audits, FBI probes trading

Reuters  California, April 10, 2013
First Published: 20:50 IST(10/4/2013) | Last Updated: 20:53 IST(10/4/2013)

In a blow to one of the world's largest accounting firms, KPMG said it resigned as auditor of two US corporations amid an FBI investigation into insider trading allegations involving leaked information and a former senior partner.

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The two California-based firms - nutritional products group Herbalife and footwear maker Skechers - said on Tuesday that KPMG had quit as their auditor in connection with the leaks.

The FBI's Los Angeles office is investigating, said a source familiar with the situation.

Skechers CFO David Weinberg said Scott London had been lead auditor for Skechers and had resigned after the leaks. Weinberg said that London had admitted to sharing inside information.

A KPMG spokesman confirmed London was the partner who had resigned from the firm.

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