Ex-KPMG partner pleads guilty in PCAOB cheating scandal
A former KPMG partner and co-leader of the firm’s banking and capital markets group
admitted stealing and using confidential information so KPMG could improve the outcome of PCAOB inspections.
David Britt, 56,
pleaded guilty in federal court in New York Thursday to one count of conspiracy to commit wire fraud.
His sentencing is set for May 8, 2020.
He faces up to 20 years in prison.
In June this year, KPMG LLP
agreed to pay a $50 million fine to settle SEC civil charges that former partners used stolen information to learn about surprise regulatory reviews of the firm’s audits and cheated on training exams.
KPMG admitted the SEC’s findings and allegations.
The six included former officials at the PCAOB who went to work at KPMG, and three former KPMG partners.
Cynthia Holder, 53, a former PCAOB inspections leader and executive director at KPMG,
was sentenced to eight months in prison in August after pleading guilty to two counts of conspiracy to commit fraud.
The FCPA Blog
https://www.fcpablog.com/blog/2019/10/7/ex-kpmg-partner-pleads-guilty-in-pcaob-cheating-scandal.html