New DH calendar
Article updated: 8/9/2012 7:12 AM

Guilty plea from former Chicago Deloitte partner

text size: AAA
By Associated Press

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.

Comments ()
We are now using Facebook comments to offer a more inclusive, social and constructive discussion. Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.

This article filed under

Business Video
Area Business Calendar


Connect with a business or service in your area fast. First select a town, then enter a search term or choose one of the listed popular searches:

Don't see your town listed? Visit our full directory to begin your search.


Most Commented
Top Jobs

    View all Top Jobs Place a job ad


    • Newspaper next section - Newspaper next section Report card checker - report card checker
    • Dh innovation award 2 - Dh innovation award 2 Zillow /real estate page
    • Discuss refer On Guard series
    • Newspaper archives -- Monday or anyday Mike North