Guilty plea from former Chicago Deloitte partner
A Chicago-based accountant has pleaded guilty to securities fraud for profiting from information that was not yet public about companies he was auditing.
Federal prosecutors say 64-year-old Thomas Flanagan was a partner at Deloitte & Touche LLP (duh-LOYT' and TOOCH') when he engaged in insider trading between December 2006 and May 2008.
Acting U.S. Attorney Gary Shapiro says Flanagan received illegal profits of about $420,000. The profits resulted from illegally trading on information Flanagan obtained about Deloitte clients Best Buy Co. Inc., Walgreen Co., Motorola Inc. and Sears Holding Corp.
Flanagan, who entered his plea Wednesday, is free on his own recognizance while awaiting sentencing in October.
A Deloitte spokesman says the company "unequivocally condemns the actions of this individual" and that Flanagan hid his actions from the company.
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