Broker banned after drunken trading costs £6m

An alcoholic rogue trader who cost his company £6m (€7.4m) after a drunken golf weekend was today fined £72,000 (€89,000) and banned for a minimum of five years by the City watchdog.

Steve Perkins, a broker with PVM Oil, was sacked last year after buying more than seven million barrels of oil – pushing up the price of Brent crude more than two dollars to an eight-month high.