Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

`Flaming Ferrari' trader resigns

Andrew Buncombe
Friday 05 March 1999 00:02 GMT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

ONE OF THE group of city traders known as the "Flaming Ferraris" resigned yesterday, amid allegations of improper dealing. Adrian Ezra, 31, one of the group's leading figures, was suspended from his job last week, with another senior executive, David Crasanti, and James Archer, the son of Lord Archer of Weston-super-Mare. The men all work for Credit Suisse First Boston.

Mr Ezra had worked for the bank since 1987. Yesterday his solicitors said: "Mr Ezra has today resigned from his position as derivatives trader and vice-president of CSFB with immediate effect. He wishes to make it clear that he has at all times endeavoured to act in the best interests of CSFB.

"He will continue to co- operate to the best of his ability with all further inquiries regarding these matters."

The allegations of improper trading focus on Mr Archer's dealings on the Swedish stock exchange. Both the bank and the stock exchange are carrying out investigations and it is understood that a number of deals are being investigated by Swedish bank authorities and Britain's Securities and Futures Authority. The Swedish stock exchange is expected to complete its inquiry next week.

At the heart of the investigations are claims that Mr Archer, 24, aggressively sold shares in wood pulp company Stora, one of Sweden's biggest firms, in a bid to drive down the value of the Stockholm market index - the Swedish equivalent of the FTSE-100.

It is said he planned to make profits then by trading in the futures market - a complex system of gambling on the future value of shares, commodities and even whole stock markets.

Mr Ezra and Mr Crasanti were not involved in the deals, which took place in December, but as Mr Archer's bosses they were suspended pending the bank's investigation into how he was supervised.

Mr Ezra was unavailable for comment yesterday.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in