The New York Times reports that investment banker, Frank Quattrone’s conviction has been overturned by a federal appellate court:

The ruling, a rare reversal of a jury verdict, is considered a big setback for the Justice Department, which had sought to portray Mr. Quattrone as a symbol of Wall Street excesses during the boom years.

A three-judge panel of the United States Court of Appeals for the Second Circuit in Manhattan unanimously found that the judge’s instructions to the jurors had failed to adequately require that they establish that Mr. Quattrone intended to thwart a government investigation.

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