insider trading

" U.S. accounting firm Deloitte & Touche LLP has won a lawsuit against a former top executive it accused of improperly trading in stocks and options of the firm's clients, including Motorola Inc and Best Buy Co Inc. A Delaware court sided with Deloitte in the case in an opinion dated Dec. 29, saying the former executive, Thomas Flanagan, had "obviously" been in violation of his employers' independence policies in making certain trades. Deloitte had sued Flanagan in Delaware Chancery Court in October 2008 for breach of fiduciary duty, fraud, and breach of contract, saying the 30-year partner who had risen to vice chairman of the firm had secretly hidden trades in shares of Deloitte's audit clients and lied about it to the firm. "Because an auditor sells, at base, its independence and integrity, the firm relies heavily on the purported honesty and independence of its professionals," Vice Chancellor John Noble, of the Delaware Court of Chancery, wrote in his opinion. Deloitte said in its complaint that starting as early as 2005, Flanagan had made more than 300 trades in shares of Deloitte's audit clients, including several clients for which he was Deloitte's advisory partner. "

Click here for the entire story. How could a partner be so stupid? Yes, we have access to valuable information that can make us rich, but that's the whole point behind the illegality of insider trading. There are so many independence regulations at the big 4. To expect to not be caught is absolutely ridiculous, especially if it's around 300 trades. 1-10 maybe, but 300? Please.