And he's legitimately sorry though he'd like to just say, in his defense, that he had no idea the tips he was passing on to his jeweler/golfing friend would've amounted to a $1 million and then some profit. Twenty grand, sure. Fifty thousand, MAYBE.
Scott London, 50 years old, agreed to plead guilty to one count of securities fraud. The move was expected. Mr. London admitted wrongdoing almost as soon as the insider-trading scheme became known in April. His attorney, Harland W. Braun, has previously said Mr. London intended to plead guilty. Mr. Braun couldn't be reached for comment Tuesday. Mr. London faces up to 20 years in prison, though he is likely to receive a lesser sentence under federal sentencing guidelines...Mr. Shaw, a jeweler, made at least $1.27 million in illegal profits by trading on the information, the government says, though Mr. London insisted in his plea agreement that he was unaware of how much Mr. Shaw was profiting "and could not have reasonably foreseen that the profits would be as high as they actually were."