Quattrone Legal Pact May Clear Way For $120 Million Compensation
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Former star investment banker Frank Quattrone may get a $120 million payback in cash and stock compensation from Credit Suisse (CSR) if he gets cleared of all charges.
CNBC’s Charles Gasparino reported that if Mr. Quattrone’s charges are cleared, one year from now, he will get the restricted stock and cash compensation he left on the table at the firm formerly known as Credit Suisse First Boston.
On Tuesday, Mr. Quattrone was granted a deferred prosecution, in which he will avoid a third criminal trial on obstruction charges if he stays out of legal trouble for 12 months, associates with “law-abiding persons,” and notifies officials before traveling outside America or moving from his home.
Prosecutors had accused Mr. Quattrone of thwarting federal probes into how CSFB allocated hot initial public offerings by endorsing a subordinate’s email message in December 2000 to “clean up” files.