KPMG former Partner Scott London has been arrested for insider trading, providing “not public” tips, in KPMG’s words, for cash and gifts.  NPR reports those included hundred dollar bills wrapped in $10,000 bundles, and a Rolex watch worth an estimated $12,000. Evidence includes covert recordings of phone calls.

London was KPMG’s lead auditor for clients that included Herbalife and Skechers, working out of Los Angeles. He allegedly passed tips to a friend, Bryan Shaw, who in turn made more than $1.2 million in stock trades, according to Andre Birotte, U.S. Attorney for the Central District of California. NPR reports that he probably will plead guilty.

London may be facing civil action from his former employer as well as the criminal action. Big four accounting firm KPMG issued a statement saying London had been “separated from the firm” and that the company and its partners and employees “unequivocally condemn this individual’s rogue actions,” which violated specific company policies and culture as well as betraying the trust of the clients involved.

KPMG Chairman & CEO John Veihmeyer issued his own statement saying, “I was appalled to learn of the additional details about Scott London’s extraordinary breach of fiduciary duties to our clients, KPMG, and the capital markets. We unequivocally condemn his actions and deeply regret the impact that his violations of trust and the law have had on our clients and our people. KPMG will be bringing legal actions against London in the near future.”