The Securities and Exchange Commission today charged a former Deloitte Tax LLP partner and his wife with insider trading, alleging that the pair leaked confidential information about pending mergers and acquisitions to relatives in England.
According to the SEC, Arnold McClellan and his wife, Annabel, who live in San Francisco, provided advance notice of at least seven confidential acquisitions planned by Deloitte’s clients to Annabel’s sister and brother-in-law. The brother-in–law, who co-owns a London-based trading firm, then took financial positions in the companies, reaping about $3 million in profits, to be split 50/50 with Annabel.
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