34-year-old former broker Steve Perkins hit the headlines last week, after he was banned from the UK securities industry for 5 years and fined for executing some $520,000 of unauthorised oil trades from home while allegedly under the influence of alcohol.
The activity resulted in Perkins' former employer, PVM Oil Futures, taking $10m in losses when they unwound the trades.
Reuters has now reported that, just 2 days after his ban was announced, Perkins was hired by Geneva-based Starsupply Renewables, said to be the world's largest biofuel brokerage firm.
Starsupply CEO Kevin McGeeney said in an e-mail statement: 'We believe Steve Perkins is a good man, who did a stupid thing.
'Mr Perkins has been known to one of the co-founders of Starsupply Renewables for over 15 years.......The damage caused by Mr Perkins' actions over a year ago was substantial and we empathise with those affected. However, we believe in rehabilitation. We want to give Mr Perkins the opportunity to rebuild his career in a different direction'.
Perkins' ban by The Financial Services Authority (FSA) holds no standing in Geneva, but Starsupply has confirmed that the former broker won't engage in any market regulated activity for the course of his ban, instead getting involved in staff training, initial writing training materials for graduates.
Starsupply's decision to hire Perkins is to be applauded. The former broker is said to have entered an alcohol rehabilitation program and is clearly trying to get himself together. Employing him in a different role shows that the firm is respecting the FSA ban, even though it is not obliged to do so.
One trader told Here Is The City: 'The guys at Starsupply have been very smart by hiring Perkins in this way. Not only will he give his right arm for the firm now - as they have shown faith in him at a time no-one else would - but they have got a lot of great publicity from their actions; they are no doubt being inundated with CVs from experienced jobseekers and graduates who are an anxious to join a firm that appears to treat its people more than fairly'.
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