London, England (CNN) -- Britain's financial regulator said Wednesday it has banned an oil trader after he made huge trades while drunk last year, causing global prices of Brent crude to jump to abnormally high levels. Steven Noel Perkins, a former oil futures broker in the London office of PVM Oil Futures, was also fined £72,000 ($108,400) for market abuse, the Financial Services Authority (FSA) said. He is now banned from working in the financial services industry on the grounds that he is "not a fit and proper person," the FSA said. Perkins' job was to trade orders on an execution-only basis in Brent crude futures contracts on the ICE Futures Europe (ICE) exchange for his firm's clients, the FSA said.
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Steven Noel Perkins traded Brent crude futures contracts without client authorization
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His trading pushed the price up to $73.50 a barrel -- the highest this year
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The FSA said the trading seems to have been a result of "extremely heavy drinking"
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Perkins was also fined £72,000 ($108,400) for market abuse
In sanctioning Perkins, the FSA said it also took into account the fact that @placeholder initially lied repeatedly to his employer to try to cover up his unauthorized trading.