Oil broker busted for drunk trading

An oil broker has been banned and fined by Britain's financial regulator for manipulating oil prices by buying more than 7 million barrels during a multi-day drinking binge.

The Financial Services Authority (FSA) has fined Steven Perkins, a former employee of PVM Oil Futures Ltd, 72,000 pounds ($108,000) and banned him from working in financial services for at least five years for making trades without the authority of clients or his employer.

According to a Reuters report, the FSA says Perkins bought massive volumes of Brent crude oil in the wee hours of June 30, 2009 after several days of heavy drinking -- and then covered up his actions by lying repeatedly to his employer.

"Perkins' drunkenness does not excuse his market abuse," said Alexander Justham, director of markets at the FSA. "Perkins has been banned because he is not a fit and proper person to be involved in regulated activities, and his behavior posed a risk to the proper functioning of the market."