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 traded an "extremely high" volume in the ICE August 2009 Brent contract and in doing so accum...
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