SEC Accuses KPMG Partner in Atlanta, Two Others of Insider Trading
U.S. securities regulators have accused a KPMG partner and two other individuals of insider trading on tips about three pending corporate mergers on which the accounting firm was providing advice, Reuters is reporting.
The U.S. Securities and Exchange Commission filed the suit in federal court in Atlanta, claiming KPMG tax partner Thomas Avent of passed tips to his stockbroker, Raymond Pirrello, writes Nate Raymond. The SEC says Pirrello told a friend, Lawrence Penna, who with his family made more than $111,000 trading on the information.
The report says KPMG said on Friday that it was “deeply troubled” by the allegations and had placed Avent, a 63-year-old Atlanta resident, on administrative leave.
