Ohio AG Probes Chesapeake's Alleged Shareholder Fraud

Law360, New York (June 19, 2012, 7:44 PM EDT) -- Ohio's attorney general has been investigating since April allegations that Chesapeake Energy Corp. has defrauded shareholders, which may include Ohio's retirement systems, according to a letter released Tuesday by environmental advocacy group Ohio Citizen Action.

Ohio Attorney General Mike DeWine responded to a letter sent by OCA in early June accusing Chesapeake of following in the footsteps of Enron amid a series of scandals and shareholder revolts following revelations that CEO Aubrey McClendon borrowed $1.1 billion against his stakes in the company's gas wells.

In his...
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