An alcoholic rogue trader who cost his company pound(s)6 million after a drunken golf weekend was fined pound(s)72,000 and banned for a minimum of five years by the City watchdog.
Steve Perkins, a broker with PVM Oil, was sacked last year after buying more than seven million barrels of oil - pushing up the price of Brent crude more than $2 to an eight-month high.
The Financial Services Authority (FSA) said Perkins, of Brentwood in Essex, was not a fit and proper person to work in the industry due to his alcoholism.
The unauthorised trading took place on June 29 and 30 last year, following a drinking guangzhou hotels binge at a PVM golf weekend.
guangzhou hotelsPerkins - who took the Monday off work but continued to drink from around midday onwards - made his first batch of unauthorised trades that evening.
guangzhou hotels But in the early hours of Tuesday, he bought a net 7.13 million barrels of oil. The high trading volume in the quiet overnight period sent prices surging.
He repeatedly lied to PVM about the unauthorised activity until finally admitting what he had done at a later date.
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