Texas Energy Executive Guilty in $5.5 Million Insider Trading Scheme

Matthew Clark pleads guilty to directing employer's trades for personal gain, facing significant prison time.

Matthew Clark, former president of Classic Energy, pleads guilty to a $5.5 million kickback and commodities insider trading scheme involving natural gas futures.
Clark conspired with others to direct his employer's trades to Classic Energy in exchange for illegal kickbacks, using insider information for personal gain.
Scheduled for sentencing on June 24, Clark faces up to 20 years in prison for honest services wire fraud and 10 years for prohibited commodities transaction and insider trading counts.
Co-conspirators including Matthew Webb, John Ed James, and Peter Miller also pleaded guilty, with sentencing scheduled between June and July.
This case marks the first criminal convictions for commodities insider trading, highlighting efforts to preserve the integrity of financial markets.