SEC Ramps Up Probe Of Chesapeake CEO's Gas Well Perk

Law360, New York (March 1, 2013, 1:41 PM EST) -- The U.S. Securities and Exchange Commission has deepened an investigation of whether departing Chesapeake Energy Corp. CEO Aubrey McClendon violated federal law through an arrangement that allowed him to borrow $1.1 billion against his stakes in the company's gas wells, Chesapeake revealed Friday.

The SEC’s Fort Worth, Texas, regional office first notified Chesapeake in May of an informal inquiry regarding the borrowing. On Dec. 21, the agency said the inquiry had expanded into an investigation and included subpoenas seeking information and testimony, the company disclosed Friday...
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