IE 11 is not supported. For an optimal experience visit our site on another browser.

Frank Quattrone denied a new trial

/ Source: The Associated Press

A judge has denied a request for a new trial filed by Frank Quattrone, the former standout investment banker convicted in May of obstructing a federal probe into stock allocation.

Defense lawyers had argued that U.S. District Judge Richard Owen, who oversaw the trial, gave misleading instructions to the jury that made it more likely the panel would convict Quattrone.

But Owen denied the motion at a hearing Friday, said Bob Chlopak, a Quattrone spokesman.

Quattrone, 48, was found guilty of obstructing an investigation into how his bank, Credit Suisse First Boston, allocated shares of hot new stock offerings during the Internet stock boom.

The case hinged on a December 2000 e-mail in which Quattrone endorsed a colleague’s suggestion that bankers “clean up” their files. The banker said he was following bank policy.

Quattrone could get more than a year in federal prison. His sentencing is set for Sept. 8.