Jeffrey Archer saying that his words had been "taken out of context". Archer resigned as deputy chairman in October 1986 due to a scandal caused by an article in "The News of the World", which led on the story "Tory boss Archer pays vice-girl" and claimed Archer had paid Monica Coghlan, a prostitute, £2,000 through an intermediary at Victoria Station to go abroad. Shortly after "The News of the World" story broke, rival tabloid the "Daily Star" ran a story alleging Archer had paid for sex with Coghlan, something "The News of the World" had been careful to avoid stating directly. Archer
Jeffrey Archer whereupon Archer sold them on behalf of his friend for a profit of £77,219. The arrangements he made with the stockbrokers meant he did not have to pay at the time of buying the shares. An inquiry was launched by the Stock Exchange into possible insider trading. The Department of Trade and Industry, headed by Michael Heseltine, announced that Archer would not be prosecuted due to insufficient evidence. His solicitors admitted that he had made a mistake, but Archer later said that he had been exonerated. In 1999, Archer had been selected by the Conservative Party as candidate for the