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Britain's financial regulator has fined and banned a former broker for manipulating oil prices by buying more than 7 million barrels while on a drinking binge.
The Financial Services Authority (FSA) said it 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 carrying out trades without the authority of clients or his employer.
The FSA said Perkins bought huge volumes of Brent crude oil
in the early hours of the morning on June 30, 2009 after drinking heavily for several days and then lied repeatedly to his employer to cover up his actions.
Location Atlantic Ocean
Coordinates 56°N 3°E
Coordinates: 56°N 3°E
Primary sources Forth, Ythan, Elbe, Weser, Ems, Rhine/Waal, Meuse, Scheldt, Spey, Tay, Thames, Humber, Tees, Wear, Tyne
Basin countries Norway, Denmark, Germany, Netherlands, Belgium, France and the United Kingdom (England, Scotland)
Originally posted by Ecidemon
What does Brent Crude, which comes from the North Sea, have to do with BP and the Gulf??