Former Deloitte Vice Chairman Charged with Insider Trading

Thomas P. Flanagan, a former partner and vice chairman of Deloitte & Touche, has been barred from practicing before the SEC over dozens of cases in which he owned or controlled securities in audit clients and concealed his ownership, lied to the firm about his compliance with its rules and used its services to prepare tax returns that covered up the improper trades. He and his son Patrick were also charged with insider trading today and agreed to pay a $1.1 million settlement. A 30-year Deloitte partner, Flanagan resigned from the firm in the fall of 2008 before his own firm sued him over these issues.

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