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.

More from Mergers and Acquisitions

Could Spotify Be Next on Amazon's Wish List?

Could Spotify Be Next on Amazon's Wish List?

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Xerox Received Interest From HPQ Before Fuji Deal: Sources

Xerox Received Interest From HPQ Before Fuji Deal: Sources

Divestitures at Newell Expected in Weeks: Wells Fargo

Divestitures at Newell Expected in Weeks: Wells Fargo

In Biopharma M&A, 'Where There's Real Innovation There's Someone Willing to Pay'

In Biopharma M&A, 'Where There's Real Innovation There's Someone Willing to Pay'