Wall Street Star Quattrone Jailed

Frank Quattrone, one custom Bouncy Castles of Wall Street's most celebrated bankers during the 1990s, has been sentenced to 18 months in prison for obstruction of justice.

Mr Quattrone was convicted in May of hindering an investigation into whether his bank, CSFB, gave clients privileged access to sought-after new shares.

Wednesday's sentence is 2 months longer than the official recommended penalty.

It reflects the court's view that Mr Quattrone lied while giving evidence during his trial.

The court also fined Mr Quattrone $90,000, and refused him bail pending an appeal against his conviction.

It ordered him to surrender to the authorities to begin his sentence in 50 days' time.

He is expected to serve his time at a minimum security prison in his home state of California.

Mr Quattrone protested his innocence after the hearing.

"I can hold my head high right now because I know I'm innocent and I know I never intended to obstruct justice," he said.

Mr Quattrone, 48, is the most high-profile Wall Street figure to receive a prison sentence since junk-bond dealer Michael Milken, who was jailed in 1990.

He is credited with being among the first investment bankers to recognise the stock market potential of technology and internet companies.

During the 1990s, he worked on the stock market flotations of illustrious tech sector firms such as Netscape, and Cisco Systems, and is reported to have once earned $120m in a single year.