Matthew Doyle, a former telephone clerk from Lynbrook, New York, has been accused of a fraudulent scheme that cost his employer millions, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC). The case was filed in the U.S. District Court for the Southern District of New York on August 24, 2006.
The CFTC alleges that Doyle, while employed at a floor brokerage operation, intentionally falsified order tickets for hundreds of natural gas futures contracts during the week of April 18, 2005. He reportedly used false customer account information when submitting the orders for execution on the New York Mercantile Exchange (NYMEX).
Prosecutors claim Doyle’s actions were an attempt to assign losing trades to unsuspecting customers. When this tactic failed, he allegedly shifted those losing trades to his employer’s account, resulting in significant financial losses for the brokerage firm. The exact amount of the losses is stated to be in the millions of dollars.
The CFTC is seeking a comprehensive ban on Doyle’s future trading and registration activities. Additionally, the commission is requesting that Doyle repay the funds lost by his defrauded employer and pay a civil monetary penalty as further redress. The specific amount of the penalty has not been determined.
The New York Mercantile Exchange Compliance staff assisted the CFTC in the investigation. The case was led by CFTC Division of Enforcement members Elizabeth Brennan, Nancy Gogel, Sheila Marhamati, John Cipriani, Eliud Ramirez, Steven Ringer, Manal Sultan, Lenel Hickson, Stephen J. Obie, and Richard Wagner.
Source: CFTC.gov
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