In 2004, Quattrone was tried for the second time (his first trial resulted in a hung jury) and was found guilty of obstruction of justice involving a government probe into his former employer Credit Suisse First Boston's behavior allocating Initial Public Offerings (IPOs) of high technology company stock, and was sentenced to 18 months in prison. On appeal the U.S. Court of Appeals for the Second Circuit reversed Quattrone's conviction, ruling that Quattrone's jury had been given erroneous jury instructions. Then on August 22, 2006, Quattrone reached a deferred prosecution deal that allowed him not to face prison time, leading legal observers to label the agreement an exoneration. Furthermore, the National Association of Securities Dealers dropped their charges allowing Quattrone to resume his business career! According to reports, Quattrone will receive $100 million to $550 million in overdue compensation, so long as he abides by an agreement and does not break the law for a year. Credit Suisse already paid for Quattrone’s legal costs.
What do YOU think of the return of Frank Quattrone to high technology investment banking?
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