updated 10/19/2004 10:42:20 AM ET 2004-10-19T14:42:20

A federal appeals court Tuesday allowed former star technology banker Frank Quattrone to remain free while he appeals his conviction on obstruction of justice charges.

Quattrone was due to report to prison Oct. 28.

The decision came from a three-judge panel of the 2nd U.S. Circuit Court of Appeals.

Quattrone hugged his lawyers after the decision but had no immediate comment for reporters.

Quattrone, one of the major Wall Street figures of the dot-com boom, was convicted of hindering a government probe into how new stock offerings were allocated.

He was sentenced to 18 months in prison.

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