Oil Broker Banned for Drunk Trading Binge

Oil Broker Banned for Drunk Trading Binge

Reuters/ London
By David Sheppard
Tue Jun 29, 11:43 am ET




Britain's financial regulator has fined and banned a former broker for manipulating oil prices
by buying more than 7 million barrels while on a drinking binge in 2009.

The Financial Services Authority (FSA) said it fined Steven Perkins, a former employee of PVM Oil Futures Ltd,
72,000 pounds ($108,000) and banned him from working in financial services for at least five years
for carrying out trades without the authority of clients or his employer.

The FSA said Perkins bought huge volumes of Brent crude oil in the early hours of the morning
on June 30, 2009 after drinking heavily for several days and then lied repeatedly to his employer
to cover up his actions.


Perkins' unauthorized trading pushed the price of Brent crude oil futures up to almost $73.50 a barrel --
at that point the highest level prices had hit on the InterContinental Exchange in 2009.



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I know it's from last year, but I'm just sayin' ....

amazing , the market is a mess