Steven Perkins, a formerly oil futures broker for PVM Oil Futures Ltd, went on an unauthorised trading shopping spree after a heavy weekend of drinking and purchased 7 million barrels of oil.
This not only stirred the market up to an ‘abnormal and artificial’ level of $73.50 per barrel, he also managed to rack up trades worth $520 million.
Perkins’s job was to trade Brent Crude Futures to qualify for the Intercontinental Exchange (ICE) on an execution only basis. But in the small hours on that fateful drunken day he traded without any client authorisation.
After his drunken splurge in the early hours of Tuesday 30th June 2009 he then called his office and tried to lie his way out of the mess.
Perkins has admitted to alcoholism and straight away went on a drying out course. The FSA have given him a trading ban of five years minimum but shied away from a lifetime ban as he may well recover and end up as no longer a irritating nuisance to the markets.