Chesapeake confirms SEC inquiry

OKLAHOMA CITY — The SEC wants to take a closer look at the program that granted CEO Aubrey McClendon a share in each of the company’s natural gas wells.

At issue, more than a billion dollars in personal loans McClendon had obtained on the wells.

McClendon stepped down as chairman of the board at Chesapeake this week as the scrutiny continued.

However, he remains in his position of CEO.
The problem, shareholders didn’t know about the loans.

So far, four lawsuits have been filed against Chesapeake in the past month.

One is a class-action suit on behalf of company shareholders.

The informal inquiry announced Thursday is the first step taken by the SEC before it launches any full investigation into potential wrongdoing by a company.

In response, Chesapeake confirmed it had been notified by the SEC.

In its request, the SEC noted it should not be construed as an indication that any violation of the federal securities laws had occurred.

Chesapeake and Aubrey McClendon intend to cooperate.

LINK: Read more on Chesapeake’s response here.