Drunken oil dealer loses job for putting bank at risk of $10MMay 22nd, 2009 - 5:40 pm ICT by ANI
London, May 22 (ANI): An drunken oil dealer, who made a series of deals that put a bank at risk of 10 million dollars, has been struck off by the City regulator.
David Redmond, 28, a former Morgan Stanley trader, was banned by the Financial Services Authority for two years following the incident, reports the Daily Express.
In its judgment, the regulator said that Redmond had an “extended lunch break between 13.14 and 16.41,” and was under the influence of alcohol when he got back to the trading floor.
The trader then went on a trading spree, making deals on the oil futures market with an order on average every 7.5 seconds.
He then “panicked” and tried to hide the position through further deals using a colleague’s accounts.
He “traded out” of the deals the following day and made a profit, but Morgan Stanley later dismissed him.
Redmond was found “not to have acted out of personal gain”. (ANI)
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