Broker Sent Oil Prices to Eight Month High in a Drunken Stupor
Broker Sent Oil Prices to Eight Month High in a Drunken Stupor
On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.
The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA).
...By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252. ...Following an official investigation Mr Perkins admitted to having a drink problem, had his trading license revoked for five years, and was given a fine of £72,000. |
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