Former Enserco Trader Indicted for Allegedly Reporting False Data

By: AP Email
By: AP Email

Denver (AP) A grand jury indicted a former Enserco Energy Incorporated trader today in a scheme to report false natural gas trade data in Colorado and Canada to a publication widely used to set prices and settle trades.

Mathew Reed, whose hometown was listed as Sandy, Utah, was indicted on charges of wire fraud, and aiding and abetting.

An indictment filed in U.S. District Court in Denver said that in 2003 the U.S. Commodity Futures Trading Commission fined Enserco $3 million on allegations that it falsely reported the prices at which it bought or sold gas, skewing price indices on which buyers and sellers base negotiations.

From about May 2000 to June 2002, Reed was accused of falsely reporting natural gas trade price and volume information to “Gas Daily.''

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