For Release: June 26, 2007
U.S. Commodity Futures Trading Commission Settles Natural Gas False Reporting and Attempted Manipulation Lawsuit with Former CMS Field Services Natural Gas Trader Jeffrey Bradley and Supply Director Robert Martin
Court's Action Stems from CFTC Civil Action Charging Defendants with Commodity Pool Fraud and Other Violations of Federal Commodity Laws
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that a federal court in Tulsa, Oklahoma entered two consent orders settling charges by the CFTC that defendants Jeffrey A. Bradley of Bixby, Oklahoma, and Robert L. Martin of Tulsa, Oklahoma, both formerly employed by CMS Field Services, Inc. (Field Services), reported or caused to be reported false natural gas trade information to compilers of natural gas daily and monthly price indexes in an attempt to manipulate natural gas prices.
The order relating to Bradley, entered on May 25, 2007, by the Honorable James H. Payne of the U.S. District Court for the Northern District of Oklahoma, requires Bradley to pay a $100,000 civil monetary penalty. The order, among other things, permanently prohibits him from applying for registration, engaging in any activity requiring registration, or acting as a principal of any registered entity or person.
The order relating to Martin, entered on June 25, 2007, requires Martin to pay a $25,000 civil monetary penalty. The order also prohibits him from applying for registration, engaging in any activity requiring registration, or acting as a principal of any registered entity or person, for a period of three years.
The consent orders arise from a CFTC lawsuit filed on February 1, 2005 (see CFTC News Release 5045-05, February 1, 2005). The Commission’s complaint alleged that, between January 2001 and October 2002, Bradley submitted false natural gas trading information, including false, misleading or knowingly inaccurate price and volume information, to Platts’ The Inside FERC Gas Market Report, Platts’ Gas Daily, and other natural gas price index compilers, in an effort to attempt to manipulate the price of natural gas in interstate commerce. With respect to Martin, the complaint alleged that on one sole occasion in July 2002, he and Bradley coordinated to provide false information to a natural gas index concerning one particular pipeline, also in an attempt to manipulate natural gas prices.
The following CFTC staff members were responsible for this case: James A. Garcia, Michael Solinsky, Glenn Chernigoff, Kevin Batteh, Gretchen L. Lowe, and Vincent A. McGonagle.
Last Updated: July 2, 2007