The UK Financial Services Authority has fined and banned PVM Oil Futures’ rogue trader Steve Perkins, nearly a year to the day after his late night alcohol-fuelled trading caused a brief spike in the price of Brent crude oil.
The regulator fined Perkins £72,000 for market abuse and banned him from working in the financial services industry on the grounds that he is not a fit and proper person.
In the early hours of Tuesday June 30 2009, Perkins, who was licensed only to trade Brent crude futures on behalf of a client, executed a high volume proprietary trade in excess of 7,000 lots, representing over 7m barrels of oil, without client authorisation. PVM lost nearly $10m when it had to close out the unauthorised positions, a spokesperson...