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Former Deloitte Partner Pleads Guilty to Insider Trading
August 11, 2012
Thomas Flanagan is a former Deloitte partner and was once one of the most revered businessmen in Chicago. Flanagan lost the respect of many of his Deloitte colleagues and others in his community earlier this year.
Flanagan was indicted for insider trading earlier this year. Flanagan was charged by the U.S. Attorneys office nearly two years after resolving civil charges with the Securities and Exchange Commission. He pleaded guilty to the charges on Wednesday.
Flanagan allocted in court and admitted to receiving more than $400,000 in funds from insider trading. He also confessed to sharing tips with a family member, who later conducted additional trades as well.
The federal judge accepted the terms of the plea arrangement between Flanagan and the United States Attorney’s Office. The terms stipulate that Flanagan will serve between 37 and 46 months in prison. Prosecutors have issued a sentencing recommendation for Flanagan since he doesn’t have a criminal record and confessed to his crimes voluntarily.
Flanagan’s colleagues at Deloitte are still in dismay over the charges Flanagan faced. Some people who knew the former Deloitte partner asked if he went through a difficult life situation that him to feel that insider trading was the only recourse. However, no such issue has come to light.