Quattrone Seems Tense, Over To Jury Now

Former CSFB IPO King Frank Quattrone appeared more tired and a little tense this week. The prosecution and the defense have presented their arguments and it's all up to the jury now.

Charged with obstruction of justice and witness-tampering, Quattrone in theory could face 25 years behind bars if convicted. Although unlikely to do anything like this in clink, his California tan would have long faded by the time he was eventually released. The trial judge, Judge Owen, could also increase the banker's sentence if he feels that Quattrone has lied under oath.

The whole case boils down to one thing. When Quattrone sent out his 'clean up those files' e-mail to his staff, did he mean them to destroy evidence ? He claims that he didn't for one moment believe that he or any of his team were the subjects of any subpoena. He says that he wasn't worried about any investgation into CSFB's IPO allocation practices as he had done nothing wrong.

The prosecutors say otherwise. Assistant US Attorney David Anders told the jurors: 'Frank Quattrone knew the rules. He knew without being told that when there's a subpoena, you can't destroy documents'. Prosecutors say that Quattrone knew exactly what he was doing and claim that he took a day to draft the e-mail itself, indicating that he thought through his moves carefully.

Now it's up to the jury. They could be influenced by Quattrone's wealth. They shouldn't be. They may be swayed by his somewhat smarmy manner. Hopefully they won't. It could be that they simply don't believe him. The jurors will have to try to get behind what motivated Quattrone when he sent out that e-mail. Frank is likely to become a little more tense and tired before he finally hears the verdict.

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...