Tech bubble banker gets retrial
Frank Quattrone back before the beak
A US appeals court yesterday overturned the prison sentence imposed on one of the biggest cheerleaders for the dot-com boom of the late 90s.
Frank Quattrone ran Credit Suisse First Boston's technology and internet business and took Amazon, Netscape, and others public.
He was convicted of obstructing justice and witness tampering in 2004. He was sentenced to 18 months in prison, two years' probation, and fined $90,000. CSFB paid $100m, with admitting liability, to settle with the Securities and Exchange Commission.
The appeals court yesterday found the jury in the original trial was not properly instructed.
Quattrone sent an email, just days after an investigation into CSFB was announced, telling staff to "clean up" files. The jury found this was evidence of wrongdoing, while Quattrone's lawyers claimed he was only guilty if he was aware the statement could be taken as instructions to destroy documents asked for under subpoena by investigators.
He was also accused of allocating shares in upcoming flotations to senior figures at client companies.
US regulators have already banned Quattrone from Wall Street for life.