Banned drunken broker to join Starsupply in Geneva

Fri Jul 2, 2010 12:22pm EDT
 
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* Recovering alcoholic given second chance in Geneva

By David Sheppard

LONDON (Reuters) - 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 ($105,000) 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 emailed 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 judgment 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 $10 million as a result of his unauthorized trades last year.

The price of Brent crude oil spiked to almost $73.50 a barrel after Perkins intentionally bid up the price on his laptop at home following a boozy company golf weekend.   Continued...