Last we had heard of Thomas Flanagan, Deloitte had just taken him to the woodshed, successfully suing him for breach of fiduciary duty, fraud, and breach of contract related to Tom’s insider trading activities of Deloitte clients.
Now it’s the SEC’s turn to get in on this sweet action. The Commission charged Flanagan and his son, Patrick Flanagan for insider trading of Deloitte clients including Best Buy, Sears, Walgreens and Motorola.
Why Flanagan, the 38-year veteran of Deloitte and Vice Chairman of Clients and Markets, who thought that in the twilight of his career, the best move would be to engage in some insider trading is still a mystery. Since he was presumably pushing 60, one couldn’t help but wonder if perhaps his memory was going and he just totally spaced the independence thing.
But actually, no. Turns out, Tom Flanagan is just a liar:
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Back in April, the DOJ and SEC passed on filing criminal charges against the man everyone perceived to be the cause of the financial apocalypse, Joe Cassano.
The Journal digs into a few of the details behind the failed pursuit of criminal charges against JC and we first learn that PwC’s audit team wasn’t really feeling the love when they were poking around AIGFP:
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In this morning’s roundup we linked to the Accountancy Age story that reported the Audit Inspection Unit in the UK found that “Auditors have also been accused of altering documents before handing them to regulators and putting cost savings ahead of quality,” but also “The report also found some cases where partners signed audit reports before the audit was complete.”
Obviously this is no good but since the report was relevant to the FTSE 100 (and the report doesn’t name names), we just figured that this was just a blanket statement about the Big 4. However, over at FT Alphaville, Tracy Alloway shared a clipping from the report that got a little more specific:
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Full of compliments.
Namely Jim Liddy the new Vice Chair – Audit; Tom Duffy – National Managing Partner – Audit; Scott Ozanus Vice Chair – Tax; and Jeff LeSage National Managing Partner – Tax.
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You know what sucks? Getting sued. Ask Bill Michael, KPMG’s UK head of FS. He’s pretty sick and tired of all the sue-happiness going on in the world today. Sure, the financial crisis nearly destroyed the world as we know it but dammit, blaming auditors is downright ludicrous. Why? Because it’s unfair.
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From a voracious reader of Stephen Chipman’s blog:
GT just announced the admission of 22 new partners/principles notably 5 from NY, 5 from Alexandria and 3 from NC – 9 from audit 3 from tax and 3 from advisory
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It’s been a couple of weeks since we reported on the alleged incident at a PwC happy hour that involved a drunk (or roofied, depending on who you ask) partner who made his fondness for an associate known only to follow it up with a knuckle sandwich (we’re picturing a right cross).
Well, we decided to check in with a source down in H-town to see if there was any blowback from this whole situation.
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More good news out of B to the D to the O as the firm announced today that it is opening an office in Raleigh, North Carolina (full press release after the jump). This will be the 39th office in the U.S. and fourth in North Carolina. The firm also has eight affiliate offices in the state.
In the process, the firm managed to pick up former Ernst & Young audit partner Michael Dannar (a refugee perhaps?).
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Lots of news this week on the compensation and promotion fronts with Grant Thornton, KPMG and PwC all making announcements or soon-to-be making announcements (that we’ve heard; are you holding out on us, E&Y?).
The latest out of Deloitte is that the discussions are starting (although maybe not today since it sounds like most are off) but the news on yay or nay on promotions is starting and now the anxiety around comp will increase over the next two month:
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Fresh off their win last week in a Florida Appeals Court, BDO announced the admission of five new partners today in a press release (in full after the jump).
The new partners are Joseph Carr (Chicago – Tax), Anthony Lawrence (Grand Rapids – Assurance), Hoon Lee (San Francisco – Tax), Bryan Polozola (Dallas – Assurance) and Julie Valpey (National – SEC) and they get their big chairs effective tomorrow.
Congrats to the new partners and remember to keep the celebration under control.
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