A star banker from the dotcom era whose career ended in a jail sentence has won his appeal against conviction.
Frank Quattrone, 50, had been given an 18-month jail term for obstruction of justice, over claims he tried to hinder a probe into financial misdealings.
But a US appeals court has thrown out the conviction and ordered a new trial after accepting that the jury received wrong instructions from the judge.
Mr Quattrone had been allowed to stay on bail while his appeal was heard.
During the internet boom of the 1990s, Mr Quattrone was one of the biggest names on Wall Street.
But investigators began a probe into claims that attractive shares were being offered direct to favoured clients in return for bribes.
The clients were then able to sell them on and make large profits.
"We cannot confidently say that if a rational jury was properly instructed, it is clear to us beyond a reasonable doubt that they would have convicted Quattrone"
During a probe into the suspected illicit payments, Mr Quattrone sent an e-mail to colleagues at his bank, Credit Suisse First Boston, telling them it was time to "clean up" certain files.
The jury decided it was proved he was guilty of trying to obstruct the probe.
However, the appeals court ruled that the judge in the case had given wrong instructions to the jury.
For example, Mr Quattrone's lawyers said the judge had not explained that Mr Quattrone was guilty only if he knew that the documents he wanted destroyed were under subpoena.
"We cannot confidently say that if a rational jury was properly instructed, it is clear to us beyond a reasonable doubt that they would have convicted Quattrone," the appeal court's 61-page ruling said.
The court said the trial judge's impartiality was not in serious doubt, but the case should be heard next time by a new judge.
The NASD, the organisation in charge of the US securities industry, banned Mr Quattrone for life after his conviction.
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