HOUSTON, TX – The Commodity Futures Trading Commission (CFTC) has filed a complaint against Matthew Clark of Houston, Texas, alleging a multi-year scheme involving the misappropriation of confidential natural gas trade information and fraudulent kickback arrangements. The complaint, filed in the U.S. District Court for the Southern District of Texas, details Clark’s actions from 2009 through 2019.
According to the CFTC, Clark allegedly breached his fiduciary duty to his employer by disclosing confidential natural gas block trade order information to Peter Miller, a trader. The complaint asserts that Clark knowingly provided this information so Miller could execute trades – described as non-competitive and fictitious – designed to profit from the inside knowledge. Clark is accused of anticipating and receiving a share of Miller’s profits in cash. The CFTC previously filed a complaint against Miller for his alleged role in the scheme in December 2021.
The CFTC further alleges that Clark engaged in a separate fraudulent scheme between 2009 and 2019, receiving kickbacks from commissions paid by his employer to a voice broker. In exchange for directing business to the broker, Clark is accused of disguising these payments through the use of sham employees and shell companies established under the names of family members. The complaint also states Clark made false statements to the CFTC in February 2019, attempting to conceal the kickback scheme.
The CFTC is seeking monetary penalties, disgorgement of ill-gotten gains, restitution, trading and registration bans, and a permanent injunction against Clark to prevent further violations of the Commodity Exchange Act and related regulations. The investigation was led by Alison Auxter, Clemon Ashley, Lauren Fulks, Daniel Contrastano, Brandon Wozniak, Thomas Simek, Christopher Reed, and Charles Marvine of the CFTC’s Division of Enforcement.
“Markets thrive on competition, and non-competitive behavior in the market is wrong, illegal and will be aggressively pursued by the CFTC,” stated Chairman Rostin Behnam. Acting Director of Enforcement Vincent McGonagle added, “The CFTC will not tolerate and will pursue those who lie to the CFTC or the exchanges to conceal their fraudulent activity.”
Source: CFTC.gov
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