These brokers reportedly ran what were dubbed "Friends of Frank" accounts, opened on behalf of executives of valued tech-company and venture-capital clients that Mr Quattrone hoped to befriend.
In Britain, the Big Five's plans to limit liability for their mistakes or negligence met with opposition from their investment-banking and venture-capitalist clients, who complained to the competition authorities.
"The accountants are gatekeepers and are essential to the integrity of the system," said Paul Berger, a lawyer in the enforcement division of the S.E.C. "When they engage in joint ventures with clients, the entire audit process is subverted".
Typically, a firm's partners ante up to start a new fund each year, taking stakes of 1% or so in new companies that areclients or in the portfolio investments of venture-capital clients.
"Now it has become a very successful venture for our clients and for us.
They were heading East and West — to Silicon Valley, Wall Street and, in the case of A.M.G., Las Vegas — in search of venture capital and clients.
As Chief Innovation Officer, Debby will be responsible for developing and leading Citi's approach to creative, forward-looking collaboration with external constituencies, including current and prospective clients, venture capital firms, government agencies and academic institutions.
Steers entrepreneurs to venture capitalists, new clients.
