According to a Wall Street Journal report, CFSB's technology banking star, Frank Quattrone is facing suspension or expulsion from the brokerage business following his failure to appear before the National Association of Securities Dealers (NASD) last week.
Mr Quattrone had been summoned to answer charges that he had known about three investigations - including a criminal probe - into the company's IPO practices when he urged tech-group employees to discard incriminating documents and memos.
Although his decision not to testify before the NASD appears to be on the advice of his lawyers, Mr Quattrone's inaction has landed him in trouble internally, as well as with the securities regulator. Speaking to the WSJ, a spokeswoman for CSFB explained that:
'CSFB's policy requires an employee's full cooperation with regulators. If we are notified by regulators that an employee is not cooperating, the firm will take appropriate action.'
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