{"id":48915,"date":"2022-02-03T14:29:57","date_gmt":"2022-02-03T22:29:57","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=48915"},"modified":"2022-02-03T14:29:57","modified_gmt":"2022-02-03T22:29:57","slug":"ex-president-of-energy-co-indicted-for-insider-trading-and-kickback-schemes","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=48915","title":{"rendered":"Ex-President of Energy Co. Indicted for Insider Trading and Kickback Schemes"},"content":{"rendered":"
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TEXAS<\/strong><\/span><\/p>\n

\"grayscale<\/a>A federal grand jury in Houston returned an indictment Thursday charging a Texas man for an illegal kickback scheme, according to federal officials.<\/span><\/p>\n

He was also indicted for\u00a0a commodities insider trading scheme involving natural gas futures.<\/span><\/p>\n

According to court documents, Matthew Clark, 54, of The Woodlands, worked as a natural gas trader and as president of an energy company based in Houston. <\/span><\/p>\n

The indictment alleges that Clark conspired with others to receive kickbacks from commission fees paid by Clark\u2019s employer to Classic Energy LLC, a brokerage firm owned and operated by Matthew Webb. <\/span><\/p>\n

\"brown<\/a>In exchange for these commission fee kickbacks, officials stated that Clark agreed to direct his employer\u2019s trades to Webb\u2019s brokerage.<\/span><\/p>\n

According to the indictment, Clark conspired with others to misappropriate his employer\u2019s material, nonpublic information and to engage in prohibited commodities transactions.<\/span><\/p>\n

This includes illegal prearranged trades, in natural gas futures contracts for his own, and his co-conspirators\u2019, personal gain. Clark and his co-conspirators caused prices to be reported, recorded, and registered on designated commodities markets that were not true, bona fide prices. <\/span><\/p>\n

The profits from these fraudulent trades were split among Clark and his co-conspirators.<\/span><\/p>\n

\"womanClark is charged with one count of conspiracy to commit honest services wire fraud, three counts of honest services wire fraud, one count of conspiracy to violate various provisions of the Commodity Exchange Act, two counts of prohibited commodities transactions, and two counts of insider trading. <\/span><\/p>\n

If convicted, he faces up to 130 years in prison.<\/span><\/p>\n

In a related case, Peter Miller, 41, of Puerto Rico, pleaded guilty to conspiracy to commit commodities fraud today. <\/span><\/p>\n

Miller, who is alleged to be one of Clark\u2019s co-conspirators, is scheduled to be sentenced on May 12.<\/span><\/p>\n

In four other related cases, Marcus Schultz, 41, of Houston; John Ed James, 51, of Katy, Texas; Webb, 51, of Tiki Island, Texas; and Lee Tippett, 62, of Jacksonville, Florida, pleaded guilty on July 20, 2020, Feb. 1, 2021, June 15, 2021, and Aug. 17, 2021, respectively. <\/span><\/p>\n

Schultz pleaded guilty to a one-count information charging him with conspiracy to commit wire fraud and to violate various provisions of the Commodity Exchange Act. <\/span><\/p>\n

James pleaded guilty to a one-count information charging him with conspiracy to commit commodities fraud and wire fraud. <\/span><\/p>\n

Webb pleaded guilty to a one-count information charging him with conspiracy to commit commodities fraud and wire fraud and to violate various provisions of the Commodity Exchange Act. <\/span><\/p>\n

Tippett pleaded guilty to a one-count information charging him with conspiracy to commit commodities fraud and honest services wire fraud.<\/span><\/p>\n

The FBI\u2019s Houston Field Office and IRS-Criminal Investigation\u2019s Houston Field Office are investigating the case.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

TEXAS A federal grand jury in Houston returned an indictment Thursday charging a Texas man for an illegal kickback scheme, according to federal officials. He was also indicted for\u00a0a commodities insider trading…<\/p>\n","protected":false},"author":1,"featured_media":5851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-48915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-department-of-justice"],"yoast_head":"\nEx-President of Energy Co. 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