Archer son banned from City trading
James Archer, the youngest son of Jeffrey Archer, has been banned from trading in stocks in London after a two-year investigation into a share-dealing scandal.
The Financial Services Authority's move follows an investigation into the activities of the "Flaming Ferraris".
Mr Archer and colleagues Adrian Ezra and David Crisanti were suspended in 1999 on suspicion of buying and selling shares in Stora. The company, one of Sweden's biggest, was seeking to manipulate the Swedish stock market.
The three, who worked for Credit Suisse First Boston, profited from the trading after placing bets on the movement of the index.
Eversheds, the City law firm which has been acting for him, declined to comment.
The Flaming Ferraris were named after a £13-per-shot rum-based cocktail. They became famous at the end of 1998 when they posed in outfits reminiscent of those worn by the gangsters in Reservoir Dogs, Quentin Tarantino's film.
Mr Archer, who joined the bank after graduating from Brasenose College, Oxford, was believed to be earning about £175,000, with the promise of a £710,000 bonus before his suspension.
Bans are extremely rare and have been imposed on eight other individuals this year. Lesser offences are usually dealt with by fixed term suspensions.
While individuals banned by regulators are free to reapply for authorisation, they have to provide evidence they have reformed if they can find an institution willing to employ them.
