Bank suspends Lord Archer's trader son

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JAMES ARCHER, the son of the millionaire and author Lord Archer, has been suspended from his job as a City trader and is under investigation for alleged financial irregularities, it emerged yesterday.

The investment bank Credit Suisse First Boston said Mr Archer, 24, and his team of two traders who worked as share dealers, were suspended last week. City regulators are believed to be investigating the actions of the team. A spokeswoman for CSFB said: "James Archer, David Crasanti and Adrian Ezra have been suspended from the firm. The matter is under investigation."

The team, known for high living and hard work, earned the nickname the "Flaming Ferraris" after their favourite cocktail. They were renowned in the City for making highly risky share bets, sometimes worth up to pounds 3bn a time.