Ex-Deloitte Partner’s Wife Pleads Guilty in Insider Case
April 07, 2011, 1:55 PM EDTBy Phil Milford
(Updates with comment from defense lawyer in fifth paragraph.)
April 7 (Bloomberg) -- A former Deloitte Tax LLP partner’s wife pleaded guilty to a criminal obstruction charge in connection with a U.S. Securities and Exchange Commission insider-trading investigation, according to court documents.
The SEC sued Arnold McClellan and his wife, Annabel, of San Francisco last year for allegedly providing confidential information on mergers and acquisitions to family members, allowing them to make millions of dollars trading on the tips.
“Ms. McClellan admitted to making false statements in connection with the SEC’s investigation,” SEC officials said yesterday in a status report in the civil case.
Annabel McClellan entered her guilty plea April 5 before U.S. District Judge William Alsup in San Francisco and will be sentenced Sept. 20, according to court records. She faces a maximum of five years in prison and a $250,000 fine for the crime, charging papers show.
“Annabel McClellan has apologized to the SEC and her husband, who had no knowledge of or involvement in her wrongdoing,” according to an e-mailed statement released today by Nanci Clarence, her lawyer. “She accepts that she will serve a sentence in prison, and takes full responsibility for what she has done.”
The criminal case is U.S. v. McClellan, 10-CR-860; the civil case is SEC v. McClellan, 10-CV-5412, both in U.S. District Court, Northern District of California (San Francisco).
--Editors: Andrew Dunn, Charles Carter
To contact the reporter on this story: Phil Milford in Wilmington, Delaware, at pmilford@bloomberg.net.
To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net
