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Ex-Oil Broker Fined for Trading Abuses While Drinking

The U.K. financial regulator fined a former broker at PVM Oil Futures Ltd. 72,000 pounds ($108,000) for trading without client authorization and lying to his employer about it while going on drinking binges.

The Financial Services Authority also banned Steven Perkins from working in the financial services industry for five years. Perkins traded on the ICE Futures Europe exchange “in the early hours of the morning” in June 2009 without client authorization, the FSA said in a statement today. He “drank excessively” over the weekend and the day of the trades, the regulator said.