A U.S. federal appeals court today overturned the conviction of investment banker Frank Quattrone, granting him a new trial.

The 2nd U.S. Circuit Court of Appeals said the jury instructions in the trial of Quattrone were erroneous.

Quattrone was sentenced to 18 months in prison after of obstructing investigations by a U.S. federal grand jury and the Securities and Exchange Commission into whether Credit Suisse First Boston was improperly requiring kickbacks in the form of oversize commissions from customers in exchange for hot initial public offerings. He was also convicted of witness tampering.