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Ex-CSFB Executive Resists Regulators

Dec 9, 2002 | A former senior Credit Suisse First Boston research executive is resisting efforts by state securities regulators to interview him as part of their investigation into conflicts of interest on Wall Street.

Elliott Rogers, global head of technology stock research at CSFB until early this year, rejected a subpoena issued by Massachusetts authorities about a month ago, claiming that the state did not have proper jurisdiction, according to people familiar with the investigation.

Mr Rogers' move highlights the legal complexity of a national investigation that has been led by state regulators such as Eliot Spitzer, the New York state attorney general.

It has also delayed Massachusetts investigators' efforts to question more senior executives at CSFB particularly Frank Quattrone, who heads its technology investment bank.

William Galvin, the Massachusetts secretary of state, has set January 13 as the date to interview Mr Quattrone about alleged misconduct in the way CSFB's technology group handled stock research and initial public offering allocations at the height of the bull market.

Mr Rogers' lawyer could not be reached for comment. Meanwhile, CSFB took steps to restore its credibility as settlement talks reached what could be their final week. It appointed Gary Lynch, its vice-chairman and former head of enforcement at the Securities and Exchange Commission, to oversee its research division.

The move means that Alan Jackson, the current head of research, will report to Mr Lynch, the firm's chief legal and compliance officer, as opposed to Brady Dougan, the head of the securities business.

The manoeuvring between Mr Rogers and Massachusetts comes amid complaints from state and federal regulators that leading investment banks are trying to stall investigations as the two sides near agreement on an industry-wide settlement.

Some banks have slowed their responses to requests for emails and other potential evidence, regulators say. The banks have been accused of promising flattering stock research to companies and shares in IPOs to their executives in exchange for their investment banking business.

CSFB was judged to be one of the worst offenders, according to regulators, and could be fined up to $250m.

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