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WELL-OILED TRADER TRIGGERED BIG CRUDE PRICE RISE FROM HIS LAPTOP

A former London-based oil broker was fined and banned from working in the industry for five years after the UK regulator said that he made unauthorised trades from home that triggered a spike in oil prices after a weekend of heavy drinking.

The Financial Services Authority fined Steven Perkins, a former oil futures broker at the London-based PVM brokerage, £72,000 ($108,000) for “market abuse” after he took a “very significant” bet of more than $500m in Brent crude oil.

He accessed the market using an internet-based trading platform from his laptop in the middle of the night.

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