Quattrone Mistrial - Now What ?

New baby Henry Lee was born last week. The proud father returned to his temporary assignment as a juror on the Quattrone case and the whole jury restarted its verdict deliberations. All to no avail, however, as the jurors remained in deadlock. The judge eventually declared a mistrial as the jury was unable to reach a unanimous verdict on any of the three charges Quattrone faced.

Here's how the six-man, five-woman jury are said to have voted by one of the jurors:

Count 1 - Obstructing a federal grand jury investigation, 8-3 in favour of conviction.

Count 2 - Obstructing an investigation by US regulator the Securities and Exchange Commission, 6-5 in favour of acquittal.

Count 3 - witness-tampering, 8-3 in favour of conviction.

The result is not really good news for anyone. Quattrone's lawyer said: 'We are disappointed because Frank is innocent. Frank Quattrone is a man of integrity and is a man who has followed the rules'. As things stand, he has been unable to clear his name. The US government has the opportunity to re-try the case and prosecutors are said to be meeting on the 5th November to discuss the way forward.

The good news for Frank is that a mistrial is generally regarded as being closer to an acquittal then a conviction and that second trials tend to favour defendants. Quattrone will also get the chance to polish up his performance on the stand before any second trial. Given the fact that his testimony is generally thought not to have helped him, his lawyers may even decide that he may not testify should there be new proceedings. The bad news is that, whatever happens here, the New York state Attorney General's office is pursuing a criminal investigation against the former CSFB man and a complaint is also being brought against him by regulator NASD, in connection with IPO allocation practices.

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