After closing arguments from prosecution and defense lawyers, Judge Richard Owen read the three criminal counts against Quattrone, who faces up to 25 years in prison if convicted of obstructing justice and tampering with witnesses in December 2000 when he forwarded an e-mail in which a subordinate advised other bankers to “clean-up” their files.
But Quattrone, former head of technology investment banking at Credit Suisse First Boston, would be more likely be sentenced to about two years under federal guidelines, if found guilty.
At the time, Credit Suisse First Boston was under investigation by a federal grand jury and securities regulators who were looking into whether the bank accepted kickbacks in exchange for hot stock offerings.
Whether Quattrone knew subpoenas served against CSFB required documents in the investment banking division to be preserved when he forwarded the e-mail is central to the prosecution’s case.
Lead defense attorney John Keker told jurors today that Quattrone should have been told clearly by CSFB’s legal department that investment banking files needed to be saved.
“Why does somebody have to guess what’s in a subpoena? Why can’t somebody tell them what’s in a subpoena? Or show them?” asked Keker, who often removed his reading glasses and gestured with them to drive home a particular point during his summary.
Frequently calling his client by the less formal “Frank,” the attorney said the events of late 2000 were “no big deal” but the last two weeks had been a nightmare for Quattrone, who testified earlier in the trial.