Update 13: Ex-Star Banker Quattrone Gets 18 Months
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Frank Quattrone, whose deft dealmaking made him an investment banking star during the Internet stock bubble and a millionaire many times over, was sentenced Wednesday to 1 1/2 years in prison for obstructing justice.
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Italy&#39;s prime minister, Silvio Berlusconi, was last night cleared of the most serious corruption charge hanging over him when a court in Milan ruled that a key accusation - that of bribing a judge with almost $500,000 (Â£260,000) - was &quot;out of time&quot;.
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An unqualified accountant who stole almost Â£1m from John Prescott's office is jailed for a further 18 months.
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(InfoWorld) - Prosecutors are recommending that former Qwest Communications International chief Joseph Nacchio serve more than seven years in prison for insider trading during the telecommunications boom. Nacchio, who was CEO of Qwest from 1997 to 2002, would serve 87 months plus three years' probation, and pay as much as $19 million in fines, under the recommendation filed Friday by federal attorneys. He wasÂ convicted in federal courtÂ in April of 19 counts of insider trading involving $52 million in stock sales. He was cleared on 23 other insider-trading counts. Following the prosecutors' sentence recommendation to Judge Edward Nottingham of the U.S. District Court for the District of Colorado, in Denver, Nacchio's lawyers on Friday asked for a reduction in the recommended sentence. They cited good works by Nacchio and the possible effect of a long sentence for Nacchio on the health of two of his family members. In their filing, the government's attorneys said Nacchio deserved a sentence at the high end of the scale because of brazen lies to investors, the size of his ill-gotten gains, and other factors. He faces a maximum possible sentence of 10 years in prison and a $1 million fine for each count, plus a forfeiture of assets. Qwest is a regional incumbent telecommunications provider that serves several states in the West and Midwest. Nacchio resigned in 2002 amid concerns from shareholders about his $27 million annual compensation package. In 2005, the U.S. Securities and Exchange Commission charged him and other Qwest executives with fraud, saying they misrepresented one-time sales of network capacity as recurring revenue in order to boost the company's stock price. Nacchio unloaded his own stock while predicting strong growth, all the while knowing about problems with Qwest's performance, the government charged.
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MILAN -- An Italian prosecutor asked a court yesterday to sentence Silvio Berlusconi to eight years in jail for bribing judges as the prime minister's four-year corruption trial reached its closing stages.
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Frank Quattrone, whose deal making made him an investment banking star during the Internet stock bubble and a multimillionaire, was sentenced yesterday to 18 months in prison for obstructing justice. The sentence makes Quattrone, 48, the most prominent Wall Street figure since junk-bond king Michael Milken to face time behind bars.
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New details about the actions of a former SociÃ©tÃ© GÃ©nÃ©rale trader accused of making billions of dollars of unauthorized bets showed that his losses began in July.
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Former Credit Suisse First Boston banker Frank Quattrone asked a federal judge Tuesday to allow him to remain free while he appeals his conviction for obstructing justice.
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Former Qwest CEO Joseph Nacchio should serve more than seven years for insider trading, prosecutors recommend.
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Frank Quattrone, considered the most prominent investment banker of the 1990s technology boom, has been sentenced to 18 months in prison.
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Quattrone told reporters after his sentencing that he could hold his head high because he was innocent. Picture:AP. Frank Quattrone, who made $US120 million ($A172 million) in 2000 as Credit
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Frank Quattrone, who was sentenced to 18 months in prison for urging employees to destroy documents during a probe of Credit Suisse First Boston, was permanently prohibited by the NASD from working in the securities industry.
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The actor was convicted on three lesser charges and must pay up to $17 million of back taxes, penalties and interest.
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Frank Quattrone, the most prominent investment banker of the 1990s technology boom, was yesterday sentenced to 18 months in prison for obstructing an investigation into the allocation of hot stock offerings during the bull market.
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Former star banker Frank Quattrone won a court ruling on Tuesday that will allow him to stay out of prison until a decision is reached on the appeal of his obstruction of justice conviction.
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Frank P. Quattrone, a leading investment banker of the 1990's, was sentenced to 18 months in prison for obstruction of justice.
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In the days after being fired by Michael Jackson, former associate F. Marc Schaffel rushed to issue 18 backdated checks totaling &#36;784,000, the pop star&#039;s attorney showed Monday.