Not many details at this point, but the WSJ is reporting that Frank Quattrone's convinction has been overturned on appeal by the Second Circuit due to an erroneous jury instruction. The jury instruction in question seems to be related to mens rea required of Quattrone ("corrupt intent"), similar to the jury instruction that was at issue in the Arthur Andersen Supreme Court case, which reversed AA's conviction. Quattrone was charged with obstruction after sending an email to employees of CSFB reminding them of a document retention policy at the time that the company was being questioned regarding IPO spinning. Quattrone was never charged with illegally spinning or breaking any other NASD or SEC rule. More news as it becomes available.
UPDATE: The WSJ has just linked to the Second Circuit opinion here.
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