According to the Wall Street Journal, the National Association of Securities Dealers (NASD) on Thursday charged CSFB investment banker, Frank Quattrone with several civil violations, including IPO 'spinning'.
The business daily revealed on Friday that:
'In two separate civil disciplinary proceedings, the National Association of Securities Dealers alleged Thursday that Mr Quattrone, 47 years old, improperly doled out initial public offerings of stock that Credit Suisse Group's Credit Suisse First Boston underwrote to corporate executives who in return could help Mr Quattrone and his technology banking group win other deals, a controversial process known as IPO 'spinning'.
This case represents the first time that the securities regulator has filed charges against a Wall Street executive for spinning, although investigations have taking place into the practice for upwards of five years.
The former CSFB tech banking star - who was forced to resign last week following his failure to cooperate in the NASD investigation - has argued, through his lawyer, that 'the NASD charges are completely without merit and represent an unprecedented attempt to take punitive action against an individual for conduct that was legal at the time and widespread throughout the industry.'
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