SEC ends probe of Chesapeake, ex-CEO McClendon; no action planned

Wed May 7, 2014 8:58pm EDT

Chief Executive Officer, Chairman, and Co-founder of Chesapeake Energy Corporation Aubrey McClendon walks through the French Quarter in New Orleans, Louisiana March 26, 2012. REUTERS/Sean Gardner

Chief Executive Officer, Chairman, and Co-founder of Chesapeake Energy Corporation Aubrey McClendon walks through the French Quarter in New Orleans, Louisiana March 26, 2012.

Credit: Reuters/Sean Gardner

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(Reuters) - Chesapeake Energy Corp said on Wednesday the U.S. Securities and Exchange Commission has ended its probe against the company and its former chief executive Aubrey McClendon.

The company said in a regulatory filing that the SEC's Fort Worth regional office advised the company last month that it had concluded its investigation and did not intend to recommend enforcement action. (r.reuters.com/guk29v)

The SEC began its investigation in May 2012.

McClendon, who co-founded Chesapeake in 1989, left the company in April last year after clashing over spending with the company's board and a series of Reuters investigations led to civil and criminal probes on the company.

The company's shares touched their highest since October 2011 after it posted better-than-expected quarterly profit and hiked its production forecast earlier on Wednesday.

Since leaving Chesapeake, McClendon has raised nearly $4 billion in cash and financing to invest in North American shale formations.

He has also filed to raise up to $2 billion to buy and drill oil and gas properties within the United States through a partnership called American Energy Capital Partners LP.

(Reporting by Anannya Pramanick in Bangalore; Editing by Eric Walsh)

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Comments (1)
libertadormg wrote:
Sometimes with very good lawyers and deep pockets the guilty get away with things the rest of us would spend our entire lives in prison for committing. Reuters did an excellent job of exposing the abuses that were committed in a series of articles that are now all but forgotten.Thank you Reuters. Journalism at it’s finest.

May 07, 2014 11:16pm EDT  --  Report as abuse
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