Past and future
WHAT the sleek young men at DPR Futures were doing was not against the law, for the jury acquitted them, and they were last seen drinking champagne and saying how sorry they were for their clients who had lost money. So if it is not illegal, could they or others do it again? What, other than horse sense and self- preservation, is to stop another 3,000-plus people being introduced to the delights of futures trading, paying more commission as they get deeper in, and finally going down for another £10 million? It is a test case for the City's new rulebooks and for 'those who hope, as I do, that they can bridge the gap between City club conven- tions and the criminal law. The regulators have powers to close down businesses, to impose fines, to make people or firms pay restitution, and to forbid individuals from providing any financial service at all. They do not necessarily require proof beyond reasonable doubt. City regulators using brand new powers put DPR Futures out of business. The DTI was of the opinion that DPR was satisfactorily run.
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