We could all come up with a list of things you shouldn’t do while drunk. Trading 7,000 barrells of oil probably wouldn’t make the list but it should. Steve Perkins, oil broker, banned for trading while drunk after he made unauthorized transactions early on June 30, 2009 falsely driving up demand and thus the price of oil.
Oil prices have been wacko over the last several years anyway, it’s not like it needs help from a drunk oil broker. Steve Perkins has been fined about $108,000 dollars for his drunken escapades and for lying to his boss about the unauthorized transactions. He’s also been banned from trading commodities for five years.
Perkins worked for PVM Oil Futures where apparently this type of activity went on for a while with him. They say that he repeatedly lied about his drunk trading. It’s not something you think about but I suppose this sort of thing happens more frequently than you’d think.
The Financial Services Authority (FSA) said this:
“If there’s a message here it’s that the FSA will use these two cases to stress that firms must have systems and controls in place to prevent traders trading while drunk,” said Harvey Dyson, a lawyer at Stephenson Harwood in London.
Well yeah. Another broker was busted for trading while drunk with Morgan Stanley in London. Steve Perkins, the drunk trading oil broker was actually given a 20% dicount off of his fine since he settled it early.