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Sunday, February 21, 1999 Published at 16:23 GMT


Lord Archer's son under investigation

James Archer and the Flaming Ferraris placed huge financial bets

James Archer, the son of millionaire author Lord Archer, has been suspended from his job as a high-flying City share trader amid allegations of financial irregularities.

He was a member of an exclusive club of young traders, known as the Flaming Ferraris, who placed huge, high-risk bets on the financial markets.

However, Mr Archer's champagne lifestyle appears to have come to an end - at least for now.

Credit Suisse First Boston (CSFB), the US banking giant that employed the 24-year-old Oxford graduate, has suspended Mr Archer and two of his colleagues.

[ image: Lord Archer: Mayoral aspirations]
Lord Archer: Mayoral aspirations
A spokeswoman for CSFB said: "James Archer, David Crasanti and Adrian Ezra have been suspended from the firm.

"The matter is under investigation and we therefore have no further comment."

The suspensions come amid suggestions that City regulators could investigate the actions of the Flaming Ferraris.

Risked billions

The group of traders has become infamous in the City for working and playing hard. There were named after their favourite cocktail, which they quaff at their favourite restaurant in London's Old Brompton Road.

The traders are rumoured to have made their firm more than 100m, by risking billions of pounds at a time on the financial markets.

Their dealings have become almost legendary in the City where they consistently made money last year, while other dealers floundered.

Handsome rewards

They were awarded handsomely with bonuses running into millions of pounds.

James Archer only graduated from Brasenose College, Oxford University, last summer, but is already thought to be earning hundreds of thousands of pounds a year.

Mr Crasanti, 34, is a former wrestler and economic graduate from Princeton University, while Mr Ezra, is a former Indian squash champion and Harvard graduate.

Lord Archer, who is a candidate to be London's new mayor, has also been subject to close financial scrutiny. He was cleared of insider dealing allegations after a transaction of shares in Anglia Television in 1994.

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