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]
- 27 Nov 2013 at 1:30 PM
The holiday season is nigh and you still haven’t shopped. While you’re dreaming only of sugar plum fairies bearing fat bonuses, you don’t the time to mingle with the riff raff at some big box nightmare. Dealbreaker is here to help. Behold the 2013 Dealbreaker Holiday Gift Guide, chockfull of descriptors like “custom,” “gourmet,” “housecleaning,” and “DB swag.”
Click through to check out all of our gift choices for the hardcore capitalist in your life.
- FSA Willing To Give Guy Who Poses "Extreme Risk To The Market When Drunk" Second Chance September 27, 2012
- Tommy Belesis Will Have To Wait At Least 1 Year Before Threatening To Hit Another Broker With His Car December 5, 2013
- Who Among Us Wouldn't Listen To A Guy Pitch An Investment Involving "Pay-Per-View Programming Starring Carmen Electra" And Proceed To Wire Him $195,000? December 5, 2013
- Marissa Mayer Is An Enigma, Wrapped In A Michael Kors Dress, Posing Upside Down On A Chaise Lounge December 5, 2013
- Greek-Focused Hedge Fund Doing Okay For Itself December 5, 2013
- The 2013 Dealbreaker Holiday Gift Guide November 27, 2013
- Applicant Formerly Interested In Wells Fargo Securities Analyst Program Has Epiphany November 25, 2013
- Swiss Banks Will Not Be Rushed Re: Deciding To Comply With U.S. On Tax Evasion December 5, 2013
- Formerly Jailed Hedge Fund Manager Just Really Needs Everyone To Know That Lots And Lots Of People Like Him And Think He's Probably Not A Crook December 5, 2013
- Layoffs Watch '14: Investment Banking December 4, 2013
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com