Last year I posted some photos here of Danielle Chiesi sashaying her way out of federal court in Manhattan in a pink dress after being sentenced to 30 months in prison, two years of supervised release, 250 hours of community service, and a $25,000 fine for insider trading. As one commenter on the Gothamist site wrote, quite sarcastically, “Truly, that is the face of penitence.”
Compare that, however, with the striking CNBC interview below with former KPMG partner Scott London outside of the federal courthouse in Los Angeles, where he was just arraigned and indicated that he will plead guilty to insider trading charges. To me, London appears to be sincerely remorseful and taking complete responsibility for a lapse in judgment that will likely cost him his career and possibly some time in jail. London speaks frankly in the interview about how he came to be involved in the scheme, and how he “nearly threw up” when he learned that his tippee had made far more money on the insider trades than London ever imagined. Asked whether he’ll work again after the abrupt end to his 30-year career at KPMG, London noted that he is just 50 and will need to work to support his family — even if it he has to “wait on tables.”
