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The actions of an inebriated broker during a booze-induced black-out pushed global oil prices to an 8 month high.
CNBC reports that Steve Perkins, senior broker at PVM Oil Futures, spent $520 million in client money on futures contracts in a drunken haze during a late night booze spree, pushing oil prices up $1.50.
During two hours of the nocturnal drinking binge Perkins purchased 7 million barrels of crude, equivalent to 69% of the global market, and pushed prices from $71.40 to $73.05 to hit an eight month peak.
Perkins was left in a terrified state the following morning when informed by an admin clerk of the trades, and sent a message to his boss claiming he was required at home that day to care for an ailing family member.
The $9.8 million losses incurred by Perkins prompted an official investigation, leading to a fine of $116,878 and the annulment of his trading license.
Perkins may apply for re-approval of his license in five years time conditional on his sobriety, although regulators caution that “Mr. Perkins poses an extreme risk to the market when drunk.”
5 Comments
Olricko
Any reason this comes back out today? It happened june 30, 2009 and it was widely publicised then and the follwoing year . Pvm is still around and SP is exiled in Switzerland and as far as we know has not stopped drinking
mailing list broker
This is very informative.
Divyanshu Dayal
He overpowered political influences on prices.
Why
??? why you report this now???
Trevayne
When did this happen? A few years back?