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.


Published 23 August, 2006 by Richard Maven

529 more posts from this author

You might be interested in

Comments (0)

Save or Cancel

Enjoying this article?

Get more just like this, delivered to your inbox.

Keep up to date with the latest analysis, inspiration and learning from the Econsultancy blog with our free Digital Pulse newsletter. You will receive a hand-picked digest of the latest and greatest articles, as well as snippets of new market data, best practice guides and trends research.