FSA bans drunk oil broker for market abuse
The FSA has fined and banned a former oil futures broker for manipulating the price of brent oil after an “extremely heavy” drinking session.
Steven Noel Perkins has been banned for five years and fined £72,000 after manipulating the market in Brent oil and causing its price to soar to an "abnormal level" following a drinking binge lasting several days.
On Tuesday, 30 June 2009, Perkins - who traded orders on an execution only basis in Brent Crude Futures contracts on the ICE Futures Europe exchange (ICE) - traded without client authorisation. Perkins' employer, PVM Oil Futures Ltd, did no proprietary trading.
The regulator says he
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