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Quattrone Is Indicted on Obstruction-of-Justice Charges

May 12, 2003 | www.thestreet.com A federal grand jury reportedly indicted former Credit Suisse First Boston banker Frank Quattrone on obstruction-of-justice charges Monday.

The indictment accuses Quattrone of directing CSFB employees to destroy documents that had been subpoenaed during an investigation of CSFB's allocation of shares from hot initial public offerings, media reports said.

Having resigned from his position leading one of the most lucrative underwriting businesses in the history of Wall Street, Quattrone, along with former Merrill Lynch analyst Henry Blodgett and Solomon Smith Barney telecom analyst Jack Grubman, remains a figurehead of the conflicts of interest that arose between the investment-banking and research arms of the nation's largest investment banks.

According to the indictment, Quattrone allegedly ordered the destruction of evidence in December 2000 by approving, via email, a recommendation made by a banker in his department to destroy the files. His lawyers contend that there is no evidence that Quattrone had seen the subpoenas related to the IPO investigation when he sent the email.

"Today, it's administrative housekeeping," read the email, according to an Associated Press report. "In January, it could be improper destruction of evidence."

Monday's three-count indictment replaces a criminal complaint filed by prosecutors on April 23. CSFB is a unit of Switzerland's Credit Suisse Group.

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