Chesapeake Energy reveals SEC probe into CEO perks
OKLAHOMA CITY -- Chesapeake Energy Corp. and outgoing CEO Aubrey McClendon are being investigated by the Securities and Exchange Commission about a perk that allows McClendon to invest personally in the company's oil and gas wells.
Chesapeake revealed the investigation Friday in its annual 10-K report filed with the SEC.
According to the report, the SEC opened an investigation in December, stepping up what had begun as an informal inquiry started in May.
The probe is looking into a deal that McClendon, who founded Chesapeake in 1989, has long had with the company that allows him to invest personally in the oil and gas wells the company drills.