Binge-drinking broker pushes oil prices to 8-month high during black out
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."