PVM Oil Futures has named the person responsible for the “unauthorised” oil futures trading it suffered on Tuesday June 30 as Steve Perkins, a senior broker based at its London office.
The energy broker had earlier confirmed it had “been the victim” of unauthorised trading on the morning of that day, costing it an estimated $10m, but the firm had refused to confirm or deny any details of the case.
“As a result of a series of unauthorised trades, substantial volumes of futures contracts were held by PVM,” its statement read. “When this was discovered, the positions were closed in an orderly fashion. PVM suffered a loss totalling a little under $10m.”
While PVM Futures said the incident occurred on June 30, it did not specify at what point of the day the rogue trading occurred, or when the positions were closed.
On a typical day, between 100,000 and 130,000...