Infamous dotcom banker Frank Quattrone has cut a deal with the US government to end his three-year prosecution for obstruction of justice.
Lawyers for the former head of Credit Suisse First Boston’s technology division struck a ‘deferred-prosecution’ agreement yesterday, allowing him to avoid further court appearances if he keeps a clean record for a year.
Quattrone became notorious during the internet boom, managing flotations of firms such as Netscape and Amazon and reportedly earning more than US$100 million a year. But following the market’s crash, he lost his job and was prosecuted amid a government probe into the allocation of dotcom shares to investment banks’ clients.
Quattrone had already been tried twice over accusations that he had destroyed evidence – the case focused on an email sent after the investigation's launch, telling his staff: “Time to clean up those files”.
His first court appearance ended in a hung jury and although the second saw him sentenced to 18 months in jail, an appeal overturned the decision and ordered a new trial.
In yesterday’s court agreement, US prosecutors said they would drop the charges if he kept a clean record for 12 months.
As reported by The Guardian, Quattrone said he would seek to resume his career following the deal. Regulators had already reversed a decision to ban him from the investment banking sector.