Top Deloitte Exec Got Gambling Loans From Casino He Audited: SEC
NEW YORK (TheStreet) -- The Securities and Exchange Commission has suspended former Deloitte LLP Chief Risk Officer James T. Adams for tens of thousands of dollars of credit in 2009 it says he accepted from a casino operator he was involved in auditing at the time.
"James T. Adams repeatedly accepted tens of thousands of dollars in casino markers while he was the advisory partner on subsidiary Deloitte & Touche's audit of a casino gaming corporation," states an SEC press release, which adds that Adams "concealed his casino markers from Deloitte & Touche and lied to another partner when asked if he had casino markers from audit clients of the firm."
Markers are loans from casinos. The SEC did not name the casino operator that gave Adams the markers.
Adams, 62, is charged with violating the SEC's rules on auditor independence. He retired from Deloitte in 2010. He neither admitted nor denied the SEC's charges, but agreed to a two year suspension from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC.
Adams was a partner of D&T, a Deloitte subsidiary, from June 1985 through May 29, 2010. Adams worked for Deloitte or D&T and their predecessor entities from June 1974 until he retired in May 2010.
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