This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.

Former Deloitte partner gets 21 months in prison for insider trading

Thomas Flanagan capitalized on knowledge of his corporate clients for personal gain

By

October 29, 2012 • Reprints

The insider trading sentences are just pouring in. The legal community got its first taste of justice last week when Rajat Gupta got two years in prison for his role in the high-profile Goldman Sachs/Galleon Group insider trading case. Then, on Friday, a former Deloitte & Touche partner received his punishment for insider trading with the stocks of his corporate clients.

Thomas Flanagan is headed to prison for 21 months, starting Jan. 15, 2013, and once he gets out, he’ll have 200 hours of community service waiting for him. The court also fined him $100,000.

Flanagan pled guilty to securities fraud in August, admitting that he illegally bought or sold options and shares in his corporate clients, including Sears Holdings Corp., Walgreen Inc., Motorola Inc. and Best Buy Co. He had advance knowledge of the companies’ quarterly reports, and knew of a cost-cutting strategy Motorola was planning.

Read more at Thomson Reuters.

 

For more InsideCounsel coverage of insider trading, see below:

Bill Gates, Kofi Annan, others ask judge to be fair in Gupta sentencing

SEC charges 8 men with insider-trading related to Sanofi-Chattem deal

Regulatory: Insider trading and confidentiality agreements

Rajat Gupta convicted of insider trading, could face 16 years in prison

Regulatory: Directors and officers and insider trading

Lawyer gets 12 years in prison for $37 million insider-trading scheme

Gupta’s lawyer suggests others leaked info on P&G

Ex-Yahoo executive, fund manager plead guilty to insider trading

Related Articles
Comments

InsideScoop Daily eNewsletter

InsideScoop delivers the latest-breaking news affecting in-house counsel. Get the latest business trends, current corporate litigation, labor developments, technology initiatives and more — FREE. Sign up now!

You have been subscribed! You will receive a confirmation email soon.

See the entire list of InsideCounsel eNewsletters.

Resource Library


7 Simple Strategies for Improving Legal Fee Budgeting Certainty

Understanding the legal fee budgeting paradigm and following seven simple strategies will help you control...

Complimentary White Paper: Best Practices for Meeting Critical eDiscovery Challenges

Packed with practical advice, this white paper discusses best practices for meeting eDiscovery challenges across...

Complimentary White Paper "Key Considerations for Collection Methodologies and Resources"

This white paper addresses the need for companies to reevaluate their current collection policies in...

Moving Matters In-House: How Technology Enables Legal In-Sourcing

Strategically shifting more matters to in-house counsel has proven to be an effective strategy to...

5 Ways to Promote Responsible Content Sharing

Find out five ways that organizations can promote responsible sharing of content among employees by...

Reducing the Costs of eDiscovery from Collection to Court!

Predictive coding is only one of many ways organizations can make eDiscovery faster, cheaper and...

Discovery Shifts to the Cloud

Adoption of Cloud computing continues to gain momentum. How can IT and Legal Teams avoid...

Lower Your Total Cost of Ownership

With the deployment of Proofpoint Enterprise Archive, organizations have realized significant cost savings in automating...

Health and Safety Risks of Counterfeits in the Global Supply...

This whitepaper underscores the prevalence of counterfeits within global supply chains across a number of...

Get the facts you need to Help Implement Sound Legal...

This whitepaper will examine the cases that are setting precedents. Download "Legal Hold and Self-Collection:...

View All »

Advertisement. Closing in 15 seconds.