SEC Is Investigating $1B Loans To Chesapeake CEO

Law360, New York (May 03, 2012, 7:38 PM ET) -- Chesapeake Energy Corp. on Thursday said the U.S. Securities and Exchange Commission had begun an investigation into the company and CEO Aubrey McClendon, who is facing investor lawsuits over $1.1 billion in personal loans secured by his stakes in the company's gas wells.

The company confirmed that the SEC's Forth Worth office had begun an informal probe into the scandal and has requested various documents. Both McClendon and the company intend to cooperate with the SEC, according to Chesapeake.

An SEC representative could not immediately be...
To view the full article, register now.