Frank Quattrone, the investment banker who spent five years battling security regulators in court, gave $15 million to the University of Pennsylvania Law School to study the U.S. criminal justice system.
The Quattrone Center for the Fair Administration of Justice will fund research and propose solutions to improve the legal system, the university, based in Philadelphia, said yesterday in a statement. The donation came from the Frank and Denise Quattrone Foundation.
Quattrone, 57, is the founder and chief executive officer of Qatalyst Partners LLC, a San Francisco-based investment bank which helped manage Autonomy Corp.’s $10.3 billion sale to Hewlett-Packard Co. in 2011. Quattrone formerly led the technology groups at Morgan Stanley, Deutsche Bank AG and Credit Suisse Group AG and worked on the public offerings of Cisco Systems Inc., Netscape Communications Corp. and Amazon.com Inc.
Quattrone spent five years, between 2003 and 2008, in legal battles with securities regulators and the Justice Department. His 2004 conviction for hindering an investigation of Credit Suisse’s initial public offering practices was reversed on appeal in 2006 and all remaining charges were dismissed in August 2007.
“Our system of justice may very well be the best in the world but with each passing day the frequency and sometimes tragic consequences of its mistakes, as well as the risk of random unfair outcomes for all Americans, are becoming better understood,” Quattrone said in the statement.
The University of Pennsylvania, a member of the Ivy League, was founded by Benjamin Franklin and opened its doors to students in 1751.