Frank Quattrone, former head of the technology group at Credit Suisse First Boston, has been found guilty by a jury in New York of obstruction of justice during regulatory probes into initial public offerings in the US.

Quattrone was found guilty of obstructing regulatory investigations of IPOs in 2000 by urging members of his team at CSFB to discard records after learning of the impending probes into IPOs, according to a report by Bloomberg. He was found guilty of two counts of obstructing justice and one count of witness tampering. The Federal Grand Jury and the Securities and Exchange Commission were investigating whether bankers at CSFB and other firms had used the allocation of sought-after shares in IPOs to win investment banking business.