According to the charges Thomas Flanagan – a 38 years Deloitte veteran from Chicago – traded in the securities while serving as a liaison between those companies’ management teams and Deloitte’s audit engagement teams. He use the information and passed tips to his son to profit from trades in those client companies. It is understood that he made a $430,000 (£270,592) profit.

Which pales in significance when compared to the $1.1m the pair have just agreed to pay to settle the SEC’s charges!