Former Deloitte partner gets 21 months in prison for insider trading
The insider trading sentences are just pouring in.
October 29, 2012 at 07:20 AM
5 minute read
The original version of this story was published on Law.com
The insider trading sentences are just pouring in. The legal community got its first taste of justice last week when Rajat Gupta got two years in prison for his role in the high-profile Goldman Sachs/Galleon Group insider trading case. Then, on Friday, a former Deloitte & Touche partner received his punishment for insider trading with the stocks of his corporate clients.
Thomas Flanagan is headed to prison for 21 months, starting Jan. 15, 2013, and once he gets out, he'll have 200 hours of community service waiting for him. The court also fined him $100,000.
Flanagan pled guilty to securities fraud in August, admitting that he illegally bought or sold options and shares in his corporate clients, including Sears Holdings Corp., Walgreen Inc., Motorola Inc. and Best Buy Co. He had advance knowledge of the companies' quarterly reports, and knew of a cost-cutting strategy Motorola was planning.
Read more at Thomson Reuters.
For more InsideCounsel coverage of insider trading, see below:
Bill Gates, Kofi Annan, others ask judge to be fair in Gupta sentencing
SEC charges 8 men with insider-trading related to Sanofi-Chattem deal
Regulatory: Insider trading and confidentiality agreements
Rajat Gupta convicted of insider trading, could face 16 years in prison
Regulatory: Directors and officers and insider trading
Lawyer gets 12 years in prison for $37 million insider-trading scheme
Gupta's lawyer suggests others leaked info on P&G
Ex-Yahoo executive, fund manager plead guilty to insider trading
The insider trading sentences are just pouring in. The legal community got its first taste of justice last week when Rajat Gupta got two years in prison for his role in the high-profile
Thomas Flanagan is headed to prison for 21 months, starting Jan. 15, 2013, and once he gets out, he'll have 200 hours of community service waiting for him. The court also fined him $100,000.
Flanagan pled guilty to securities fraud in August, admitting that he illegally bought or sold options and shares in his corporate clients, including
Read more at Thomson Reuters.
For more InsideCounsel coverage of insider trading, see below:
Bill Gates, Kofi Annan, others ask judge to be fair in Gupta sentencing
SEC charges 8 men with insider-trading related to Sanofi-Chattem deal
Regulatory: Insider trading and confidentiality agreements
Rajat Gupta convicted of insider trading, could face 16 years in prison
Regulatory: Directors and officers and insider trading
Lawyer gets 12 years in prison for $37 million insider-trading scheme
Gupta's lawyer suggests others leaked info on P&G
Ex-Yahoo executive, fund manager plead guilty to insider trading
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
SEC Puts Beat Down on Ex-Wrestling CEO Vince McMahon for Not Reporting Settlements
3 minute readTrending Stories
- 1Supreme Court Takes Up Challenge to ACA Task Force
- 2'Tragedy of Unspeakable Proportions:' Could Edison, DWP, Face Lawsuits Over LA Wildfires?
- 3Meta Pulls Plug on DEI Programs
- 4On the Move and After Hours: Meyner and Landis; Cooper Levenson; Ogletree Deakins; Saiber
- 5State Budget Proposal Includes More Money for Courts—for Now
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
