Running in the Family

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From online London Evening Standard

"James Archer, the son of jailed Tory peer Lord Archer, was today banned from working in the City after being found "not fit and proper" by senior financial regulators. The expulsion comes just over a week after his father was sentenced to four years in jail for perjury and attempting to pervert the course of justice.

It stems from the days when Archer, 27, was part of the Flaming Ferraris, a notorious group of City traders named after an extra strong cocktail they enjoyed drinking on Friday nights.

Archer has now been expelled from the register on which all City professionals have to be enrolled.

The Flaming Ferraris sprang to fame in December 1998, when five of them were photographed leaving the stylish Mayfair restaurant Nobu in identical dinner suits.

It was said that they were among the highest-earning group of traders in the City, reputedly making more than £100 million in one year for their bank Credit Suisse First Boston. But two months later three of them were sacked from their jobs for failing to comply with CSFB's ethical standards. The two other "Ferraris" in the picture have not been subject to any disciplinary proceedings.

Today, after a two-year investigation, the City regulator the Securities and Futures Authority found Archer guilty on three counts and charged him £50,000 towards the cost of its inquiries. Fellow Flaming Ferrari Adrian Ezra also had to pay £50,000 and his manager David Crisanti was given a £100,000 bill. Ezra and Crisanti have also been banned from the City.

Archer was found guilty of trying to manipulate the closing price of the main Swedish stock exchange index and trading on that exchange's special computer system without authorisation. All three were found guilty of deceiving the Swedish stock exchange and the compliance department of their bank. The SFA's decision to expel Archer and his colleagues from its register means they will have to tell any future employer of their position.

Theoretically, they can apply for re-admission to the register but they would have to prove they could be trusted with positions "where customers and others rely on their integrity and professionalism."

Archer's ban follows a special disciplinary tribunal convened by the SFA because it could not reach a settlement with him."

-- Anonymous, July 27, 2001

Answers

Archer's parental guidance

-- Anonymous, July 27, 2001

The whole family has gone downhill since the deaths of Dan & Dorris IMHO.

-- Anonymous, July 27, 2001

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