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Former Deloitte Vice Chair and Son Charged in SEC Civil Complaint

MR - The U.S. SEC has brought and settled civil charges for insider trading, and violating auditor independence rules, against former Deloitte LLP partner and Vice Chairman of Clients and Markets, Thomas P. Flanagan. His son, Patrick T. Flanagan, was also charged in the scheme. The Flanagans agreed to pay more than $1.1 million to settle the charges. The former Deloitte partner has also lost his right to practice as an auditor before the SEC. Both Flanagan and his son reached the agreement without admitting or denying the charges. Deloitte was granted a summary judgment on its liability claims against Flanagan in late December 2009. Research Note provides settlement details and information on the Deloitte consulting client and nine audit clients affected, and also includes copies of the SEC complaint and administrative order. (1,075 words) . . . (to read the remainder of this article, please log in below.)
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