Although not authorized to invest company cash in trades, Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night of June 30, 2009, the FSA said today. On the morning of the 30th, an admin clerk called Perkins to ask why he had bought 7 million barrels of crude during the night. Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout,” according to the FSA. By the time PVM realized the transactions had not been authorized by a client, they had incurred losses of $9,763,252. Between the hours of 1:22 a.m. and 3:41 a.m., Perkins gradually bought 69 percent of the global market, while driving prices up from $71.40 to $73.05, by bidding higher each time. At 6:30 a.m., presumably sobering up and realizing what he’d done, he sent a message to his managing director claiming an unwell relative meant he would not be able to make it into work. Following an official investigation Perkins admitted to having a drink problem, had his trading license revoked for five years, and was given a fine of £72,000 ($116,878). The FSA has said that they will re-approve his license after the five-year period, if he has recovered from his drinking problem, although they warned that,“Mr Perkins poses an extreme risk to the market when drunk.” [CNBC, earlier]

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Comments (10)

  1. Posted by Oil Can Harry | September 27, 2012 at 7:14 PM

    So now trading oil while drunk is frowned upon? I was always under the impression it was mandatory.

    G.O.T. – this article is teed up for you . . .

  2. Posted by Guest | September 27, 2012 at 7:34 PM

    It's not every day you're sitting at your desk banging out PPT slides when you get a role model.

  3. Posted by Matt L. | September 27, 2012 at 10:04 PM

    Hey man, I'm trying here.

  4. Posted by Pete | September 27, 2012 at 11:05 PM

    So they have those "too drunk to email" tools, is the next thing a "too drunk to take a position" version?

  5. Posted by guest | September 28, 2012 at 10:26 AM

    I see nothing wrong with this.

    -K Lewis
    Sommelier, Boone's Farm Sun Peak Peach Varietals

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  8. Posted by Conrad | September 30, 2012 at 8:47 AM

    I can sober up quickly if I need to

  9. Posted by Linwood G. Plummer | October 12, 2012 at 6:07 AM

    im pretty sure i read something like this else where

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