Case study: Frank Quattrone's email

• the indictment, 5/12/03, US District Court, Southern District of New-York
• the first trial: what did he know, when did he know it ? Some press coverage favorable to the defendant:
  • Frank Quattrone's Wake-Up Call by Dan Ackman (Forbes) - October 2003
  • Cover Up? Maybe, But Not By Quattrone by Dan Ackman (Forbes) - October 2003
    note: the first trial ended on a hung jury
• the second trial:
  • the conviction: Banker Frank Quattrone Convicted on Obstruction Charges (Institute for Global Ethics) - May 2004
  • the appeal: Judges Cite Concerns Over Trial of Banker by Andrew Ross Sorkin (New-York Times) - July 2005
  • the reversal on appeal, 3/20/06, US Court of Appeals, Second Circuit
    note: by remanding the case, the decision made a third trial possible.
• the conclusion: In August 2006, the defendant obtained a deferred prosecution agreement without any admission of wrongdoing,
  i.e. all charges were dropped.

Topic notes

Relevant legal and regulatory documents:

• FTC rule on disposal of consumer report information and records, 16 CFR 682, Nov 2004
  rule mandated by FACTA (see see chapter I-2 on Credit Fraud)
  .............background considerations precedes the text of the rule itself, which starts on page 32
• when relevant, disposal and retention policies should be considered in the context of:
  HIPPA's Security Rule and GLBA's Standard for Safeguarding Customer Information
• Sarbanes Oxley Act of 2002 (SOX Public Law 107-204) Jan 2002,
  requesting inter alii proper document retention and punishing document tampering and obstruction of justice.
  The relevant text is in sections 802 and 1102 (section 400 has been examined in chapter III-1 Protecting Digital Information)
• SEC rule on retention of audit and review records (17 CFR 210.2-06 aka SEC rule 2-06), Jan 2003,
• Records to Be Preserved by Certain Exchange Members, Brokers and Dealers (17 CFR 240.17a-4 aka SEC rule 17a-4), March 2003,
• Landmark decisions from the US District Court of Southern District New York on electronic document retention in case of litigation:
  Zubulake IV, Oct 2003 and Zubulake V, July 2004

Further Help:

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