Saturday, March 26, 2005

Quattrone Challenges NASD's Permanent Bar

Frank Quattrone, who was convicted last year of obstruction of justice (the case is currently on appeal to the Second Circuit), is challenging the permanent bar on associating with any broker-dealer imposed by the NASD.  The basis for the NASD's disciplinary action is that Quattrone invoked his Fifth Amendment right and refuse to testify in the NASD's investigation while the federal grand jury investigation was proceeding.  Quattrone argues that the NASD, which was conducting a joint investigation with the SEC of his activities as an investment banker at CSFB, was effectively a governmental entity and cannot penalize him for asserting his Fifth Amendment right.  The appeal is now with the SEC, and the full Commission will consider the case.  Quattrone's brief to the SEC is here (Download quattrone_opening_appeal_brief_to_sec_pdf1.pdf).  Thanks to his counsel, Barbara Winters, for permission to post the brief. (ph)

Civil Enforcement, Securities | Permalink

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