“Banned drunk broker gets job”

Posted: 03 Jul 2010 02:17 AM PDT

LONDON - THE British oil broker banned this week for manipulating crude prices during a drunken trading binge has been hired by Geneva-based commodity firm to help train graduate recruits, the company's CEO said on Friday.

Steven Perkins, who was slapped with a 72,000 pounds (S$146,244) fine and a minimum five year ban from the industry by the British financial regulator, will join Starsupply Renewables SA, the world's largest biofuels brokerage.

'We believe Steven Perkins is a good man, who did a stupid thing,' said Kevin McGeeney, the CEO of Starsupply in an e-mailed statement. 'Mr Perkins has been known to one of the co-founders of Starsupply Renewables for over 15 years. Starsupply Renewables and Mr Perkins fully intend to respect and voluntarily uphold the recent judgement of the FSA, the UK's financial services regulator.'

McGeeney said Perkins will not be engaged in any regulated market activities or trading, and will instead start off by helping to write training materials for graduate recruits.

Perkins's previous employer PVM Oil Futures Ltd lost nearly US$10 million (S$13.9 million) as a result of his unauthorised trades last year. The price of Brent crude oil spiked to almost US$73.50 a barrel after Perkins intentionally bid up the price on his laptop at home following a boozy company golf weekend.

'The damage caused by Mr Perkins actions over a year ago was substantial and we empathise with those affected. However, we believe in rehabilitation. We want to give Mr Perkins an opportunity to rebuild his career in a different direction,' McGeeney said. -- REUTERS

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Graduate Job

Saturday, July 3, 2010

“Banned drunk broker gets job”

“Banned drunk broker gets job”

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