'Drunken' oil trader is banned for five years
Wednesday 30 June 2010
An oil trader who bought more than seven million barrels of oil while "drunk" was yesterday fined £72,000 and banned from trading for at least five years. The Financial Services Authority fined Steven Perkins, a former oil futures broker at London-based PVM, for trading activity that started, without client authorisation, in the early hours of 30 June 2009 after he had "drunk excessively" over the previous day and weekend.
He then traded in high volumes in August 2009, accumulating a position equal to more than seven million barrels and sending the price of Brent crude oil soaring to an "abnormal and artificial level", the FSA said. Mr Perkins also "lied repeatedly" to his employer to try to cover up his unauthorised trading.
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