Ex-Deloitte Partner, Son Settle With SEC For $1.1M

Law360, New York (August 4, 2010, 3:46 PM EDT) -- A former Deloitte & Touche LLP partner and his son agreed Wednesday to pay more than $1.1 million to settle insider trading allegations involving several of the firm's audit clients.

The U.S. Securities and Exchange Commission entered into the settlements the same day it lodged a complaint against the Deloitte partner, Thomas P. Flanagan, and his son, Patrick T. Flanagan.

Under the deals, Thomas Flanagan will pay disgorgement of about $557,000 and a penalty of about $494,000, and will be barred from practicing before the SEC...
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