July 16, 2018 / 4:59 PM / 3 months ago

Former Energy XXI chief charged with hiding $10 mln in personal loans -SEC

WASHINGTON, July 16 (Reuters) - A former chief executive of Energy XXI Ltd was charged on Monday with hiding more than $10 million in personal loans that he obtained from company vendors and a candidate for the company’s board, the U.S. Securities and Exchange Commission said.

The SEC said in a statement that former Energy XXI CEO John D. Schiller Jr. maintained an extravagant lifestyle using a highly leveraged margin account secured by his company stock.

When he faced a margin call in 2014, he obtained $7.5 million in undisclosed personal loans from company vendors in exchange for business contracts, the SEC alleged in a complaint. He also obtained a $3 million loan from a company shareholder who was later named to the Energy XXI board. (Reporting by David Alexander; Editing by Mohammad Zargham)

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