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Feds end Chesapeake investigation

The U.S. Securities and Exchange Commission has ended its investigation into Chesapeake Energy Corp. and former CEO Aubrey McClendon, the Oklahoma City energy company said in a regulatory filing Wednesday.
by Adam Wilmoth Modified: May 7, 2014 at 8:27 pm •  Published: May 8, 2014
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The U.S. Securities and Exchange Commission has ended its investigation into Chesapeake Energy Corp. and former CEO Aubrey McClendon, the Oklahoma City energy company said in a regulatory filing Wednesday.

The SEC’s Fort Worth Regional Office notified Chesapeake on April 8 that it is closing its investigation and did not plan to recommend an enforcement action by the agency, the filing stated.

Representatives for Chesapeake and McClendon both declined comment Wednesday.

The SEC began its investigation in 2012 after Reuters reported McClendon took more than $1 billion in shrouded personal loans to fund his stake in the company’s wells.

The announcement comes a week after Chesapeake confirmed the U.S. Department of Justice ended its investigation into Chesapeake for possible antitrust violations in Michigan.

State prosecutors in Michigan, however, have been presenting evidence this week in hearings that are expected to run through Thursday.

Encana on Monday reached a settlement with Michigan prosecutors, agreeing to pay a $5 million civil fine. Chesapeake, however, has vowed to continue fighting the charges.

by Adam Wilmoth
Energy Editor
Adam Wilmoth returned to The Oklahoman as energy editor in 2012 after working for four years in public relations. He previously spent seven years as a business reporter at The Oklahoman, including five years covering the state's energy sector....
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