A Deloitte Vice-Chairman accused of improper trading in client stocks

Crain's Chicago Business reports:

A vice-chairman of Deloitte LLP in Chicago and a three-decade veteran of the city’s business scene has been sued by the accounting giant, which accuses him of improperly trading in securities of auditing clients.

Thomas P. Flanagan, a lead partner over his career on major accounts including Sears Holdings Corp. and Walgreen Co., abruptly resigned from Deloitte in September, after the company confronted him about the allegations, according to the lawsuit, filed Oct. 29 in Delaware Chancery Court. The suit accuses him of violating firm rules by trading in securities of “at least 12” clients over at least three years, concealing the trades and “repeatedly” lying to Deloitte about the matter.