Deloitte & Touche has sued former vice chairman Thomas Flanagan, claiming that he profited from stock trades using inside information about the firm's audit clients.

The suit, filed Oct. 29 in a Delaware court, accuses Flanagan of violating Deloitte's policies on independence and conflicts of interest, in addition to improperly trading in the securities of Deloitte's audit clients. Flanagan has been a partner at Deloitte for about 30 years, most recently serving as an advisory partner in Deloitte's Chicago office for a number of audit clients. He abruptly resigned about two months ago after a regulatory agency brought the questionable trades to the firm's attention.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access