HOUSTON, Texas — A 56-year-old Needville man has been ordered to federal prison for his role in an illegal kickback scheme and a commodities insider trading scheme involving natural gas
<p><span>A federal grand jury in Houston returned an indictment on Dec. 7 charging a natural gas trader for an insider trading scheme involving natural gas futures.</span></p>
US Department Of Justice: Former Energy Broker Pleads Guilty To Insider Trading And Kickback Scheme mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
by Bloomberg
|Friday, February 05, 2021
Shell Energy North America assisted the Justice Department and the Commodity Futures Trading Commission with their investigations.
(Bloomberg) A former Royal Dutch Shell Plc natural gas trader in Houston pleaded guilty to a criminal charge related to his role in an illegal scheme in which he sought to profit by using non-public information obtained from the company.
From roughly 2013 to 2018, Marcus Schultz disclosed the information to other traders and brokers in a conspiracy to profit from fraudulent gas futures trades, the Justice Department said in a federal court filing in Houston. Prosecutors said some of the trading occurred around the U.S. Energy Information Administration’s weekly gas storage report, which can move prices by signaling whether the market is bullish or bearish based on underground inventories.