TITLE

Quattrone Found Guilty

PUB. DATE
July 2004
SOURCE
Information Management Journal;Jul/Aug2004, Vol. 38 Issue 4, p11
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Frank Quattrone, former head of technology investment banking at Credit Suisse First Boston (CSFB), was found guilty of two counts of obstruction and one count of witness tampering in his retrial for obstruction of justice. Quattrone's first trial ended in a hung jury, with jurors reportedly deadlocked on the charges. The basis of the charges was an e-mail Quattrone forwarded to 400 members of his group on December 5, 2000, urging them to clean up their files, two days after a top CSFB lawyer told him a federal grand jury was probing how CSFB allocated hot initial public offerings (IPOs). Quattrone testified that he forwarded the e-mail, which discussed anticipated civil lawsuits by investors over IPOs that had fallen in price, without considering the impact it could have had on the probes by the grand jury and the U.S. Securities and Exchange Commission (SEC). Those probes focused on whether the CFSB had received kickbacks in the form of excessive commissions from hedge funds in exchange for hot IPOs. Prosecutors said Quattrone knew when he sent the e-mail that the SEC and the grand jury issued subpoenas seeking documents related to CSFB's IPO-allocation process. Quattrone's sentencing is set for September 8, 2004.
ACCESSION #
13791639

 

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