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07-03-2009, 11:51 AM #1
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Rogue Trades Blamed for Year-High Oil Spike
PVM Oil Futures, a London-based division of the world’s biggest broker of over-the-counter derivatives, has lost almost $10 million after falling victim to a rogue trader.
The unauthorized trades in the early hours of Tuesday morning are reported to have been brokered by Steve Perkins, a senior, long-standing trader in futures on the Brent oil contract. He is understood to have been suspended from his post.
A spokesman for PVM Oil refused to confirm the identity of the trader and said the company had launched an investigation and continued to operate normally.
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