After 11 years as a broker, Steven Perkins learned last year that it's not a good idea to get blackout drunk and trade oil futures. During a 19-hour period last June, Perkins artificially drove oil prices to an 8-month high after going on a bender and trading more than 7 million barrels of oil without his employer's consent. He initially tried to cover it up, but London-based PVM Oil Futures noticed something was amiss—Perkins' trades ended up costing them $10 million—and the rogue broker was suspended last July. On Tuesday, England's Financial Services Authority decided to ban Perkins for at least five years from trading, and slammed him with a $108,778 fine. "He claims to have limited recollection of events on Monday and claims to have been in an alcohol-induced blackout at the time he traded in the early hours of 30 June," the report stated. Perkins came clean soon after the investigation began and is currently in rehab.Via the Slatest.
(Remember: we can't all be Gavin Smith!)