Compliancex

Thomas Flanagan was a widely respected accountant in Chicago who rose to the upper echelons of Deloitte & Touche. He was a business adviser to dozens of Chicago companies, and also was a player in civic and charitable organizations.

Now, the 64-year-old faces a lengthy prison term for betraying clients and Deloitte.

On Wednesday, in federal court in Chicago, Flanagan pleaded guilty to one count of securities fraud related to insider trading in stocks and options of the firm’s audit clients, includingWalgreen Co.and Sears Holding Corp. In the plea agreement, he admitted to illicit gains of about $420,000 and tipping a relative who made his own trades.

Defendants usually don’t say much when they admit guilt before a judge, but Flanagan, who appeared relaxed, apologized for his actions. In a lighter moment, he told the judge he had three drinks Tuesday night but plenty of coffee the next morning and had no confusion over what was about to happen.

Read the full story at the Washington Post.

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