Former Deloitte Partner Settles with SEC

According to the New York Times , Thomas Flanagan, a former Deloitte & Touche partner, and his son, Patrick Flanagan, have agreed to pay over $1.1 million to settle a Securities and Exchange Commission case that accused the pair of insider trading. The SEC claimed that Thomas Flanagan violated auditor independence rules and Deloitte policies by trading on information about Deloitte clients Best Buy, Sears, and Walgreen, and by providing information to his son for additional trades. Under the settlement agreement, the pair neither admits nor denies wrongdoing.