London Oil broker banned after indulging in drunk trading
June 30th, 2010 - 8:59 pm ICT by Aishwarya BhattLondon, Jun 30 (THAINDIAN NEWS) A British former oil broker has been fined and banned by the country’s financial regulator, as he manipulated the prices of oil prices by buying over 7 million barrels, while he was indulging in binge drinking.
Steve Perkins, who is an ex employee of PVM Oil Futures Limited, has been banned for at least five years, from working in the financial sector and has also been fined $108,000 for trading without the prior approval from clients or employers. Perkins reportedly bought large volumes of Brent crude oil on the 30th of June 2009, whilst heavily drunk.
Alexander Justham, who is the director of markets at the FSA said “Perkins’ drunkenness does not excuse his market abuse,” He added that, ”Perkins has been banned, because he is not a fit and proper person to be involved in regulated activities, and his behavior posed a risk to the proper functioning of the market.”
Perkins’ binge trading was responsible for increasing the price of the Brent crude up to $73.50 a barrel, which is said to be the highest point in oil prices on the InterContinental Exchange in 2009. This is the second time the FSA has ruled against market abuse in the London commodities market.
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Tags: alexander, binge drinking, brent crude oil, commodities market, drunkenness, financial regulator, financial sector, fsa, intercontinental exchange, least five years, london commodities, market abuse, oil broker, oil futures, oil prices, proper person, risk, second time, steve perkins