HOUSTON – Matthew Clark, a 56-year-old Needville man, has been hit with a severe sentence for his involvement in a multi-million-dollar kickback and insider trading scheme related to natural gas futures contracts.
On March 15, Clark pleaded guilty to honest services wire fraud, commodities insider trading, and prohibited commodities transactions. U.S. District Judge George C. Hanks sentenced him to 78 months in federal prison, ordering him to pay $7,709,509 in restitution and forfeit $6,532,360.
The judge noted that Clark’s actions were deliberate and risky, saying he “gambled and lost.” According to court documents, Clark conspired with Houston-based brokerage firm Classic Energy LLC, owned by Matthew Webb, 54, Tiki Island, to direct his employer’s trades in exchange for illegal kickbacks. He received more than $5.5 million from this scheme.
Webb pleaded guilty to conspiracy to commit commodities fraud and wire fraud in June 2021. His co-conspirators, John Ed James, 54, Katy, and Peter Miller, 49, Puerto Rico, also faced charges for their roles in the scheme. James is set for sentencing on July 1, while Miller’s sentence is scheduled for June 20.
In separate cases, Marcus Schultz, 44, Houston, and Lee Tippett, 64, Jacksonville, Florida, have also pleaded guilty and are awaiting sentencing.
The FBI led the investigation into the case, with Assistant U.S. Attorney Grace Murphy prosecuted alongside Assistant Chief Leslie S. Garthwaite and Trial Attorneys Della Sentilles and David Hamstra of the Criminal Division’s Fraud Section.
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Key Facts
- State: Texas
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Public Corruption
- Source: Official Source ↗
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