The National Association of Securities Dealers (NASD) has formally charged Frank Quattrone, the high-profile former head of the technology sector investment banking group at Credit Suisse First Boston (CSFB), just days after his resignation from the bank.

The NASD has charged Quattrone with spinning, the allocation of shares in hot IPOs to clients in return for investment banking business, as well as "creating and overseeing a flawed organisational structure that undermined research analyst objectivity."