Former Natural Gas Trader, John Ed James Pleads Guilty for Role in Commodities Insider Trading Scheme
(STL.News) A former natural gas trader pleaded guilty to conspiracy to commit commodities fraud and wire fraud for his role in an insider trading scheme.
John Ed James, 51, of Katy, Texas, pleaded guilty to one count of conspiracy to commit commodities fraud and wire fraud before U.S. District Judge Vanessa Gilmore of the Southern District of Texas. Sentencing has been scheduled for April 26, 2021, before Judge Gilmore.
“When individuals engage in deceptive trade practices and manipulate the commodities market for their personal gain, they undermine the public’s confidence in the U.S. markets and stack the deck against other traders and investors,” said Acting Assistant Attorney General Nicholas L. McQuaid of the Justice Department’s Criminal Division. “The department and our law enforcement partners will continue to pursue and prosecute those who engage in such activity.”
“That executives continue to use inside nonpublic information for their own gain illustrates that prosecutors must investigate and pursue these cases,” said U.S. Attorney Ryan K. Patrick of the Southern District of Texas. “These conspirators cooked the books and shared the loot – plain and simple.”
“Commodities fraud and insider trading undermine the integrity of the markets, in this case the energy market which plays a key role in the Houston area economy,” said Special Agent in Charge Perrye K.