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CV-105412 Claims Against The Former Deloitte Tax LLC

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Case No. CV-105412 claims against the former Deloitte Tax LLC., Arnold McClellan and his wife Annabel McClellan for violating the AICPA's Code of Professional Conduct.
Arnold McClellan who is former partner at Deloitte Tax LLP has openly talked about the confidential merger and acquisition deals on which he was working for his Deloitte clients to his wife, Annabel McClellan. This conversation has put McClellan's family life in a nutshell. Annabel McClellan has been passing along advance notice and tip planned by Deloitte’s clients to her sister and brother in law, Miranda and James Sanders, in London. The brother in law, who is an owner of trading firm names as Blue Index in UK, uses this inside information to purchase derivative financial …show more content…

CPAs are to prohibit the disclosure of confidential information to people who are not subject to the profession's ethics requirements.” So what was Arnold's discreditable act? Serving as a head of one of Deloitte’s regional team, one of the largest public companies in the US, more than anyone else, Arnold McClellan obviously knew that he was subject to the restrictions of sharing any confidential information obtained from his corporate clients. Arnold’s misappropriated is violating the AICPA code by allowing Ms. Annabel to overhear his discussions on the confidential information at Deloitte. In the Commission's code, “the requirement for full disclosure is perhaps the most complex and difficult thing to clarify, since information may mislead as well as enlighten.” And CPAs sometimes may think that their work is not violating the AICPA's Code of Professional Conduct. According to the statement released by Elliot R. Peters and Christopher Kearney of the law firm Keker & Van Nest LLP, “He did not trade on insider information, and there will be no evidence that he passed along any confidential information to anyone.” In effect, Arnold is “emphasizing his innocence.” Thus, this leaves me somewhat confused. However, I believe that there's no exemption for disclosing the confidential information to outsider parties in any circumstances. Therefore, in the code of conduct for ethics violations, this kind of act should consider as an unethical

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