This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.
Follow @dan_freed

>>>Read MoreFannie and Freddie Accounting Disaster Here to Stay
>>>Read More: KPMG in Deep With SEC's Lawyers

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%
TSLA $206.79 0.00%
YHOO $44.45 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs