Steve Perkins, who worked for City brokers PVM Oil, placed £345million on over 7m barrels of oil remotely from his home computer after a boozy golfing weekend which he rolled on through Monday.

The FSA said that in the early hours of Tuesday 30 June 2009, Perkins traded in “extremely high volume” on the ICE August Brent crude oil future contract, accumulating a position equivalent to over 7m barrels of oil. His actions sent prices surging by more than $1.50 to $73.50 (£48.75) for a barrel of Brent crude oil.

His firm later managed to unwind the trades at a loss of £6m.

Perkins was fined £72,000 and banned from working in the financial services industry for at least five years. He has since joined a rehabilitation programme for alcoholics and has stopped drinking.

It’s not the first time; probably wont be the last.