Ex-Chesapeake CEO McClendon Indicted Over Lease Bid Rigging – Bloomberg

Aubrey McClendon, the co-founder and former chief executive officer of Chesapeake Energy Corp., was indicted on charges that he conspired to rig bids for the purchase of oil and natural gas leases in northwest Oklahoma, the U.S. said.McClendon is accused of orchestrating a scheme between two “large oil and gas companies” to not bid against each other for leases, the U.S. Justice Department said Tuesday in a statement. From December 2007 to March 2012, the conspirators decided ahead of time who would win the leases and the winning bidder would then allocate an interest in the leases to the other company, the government said. The companies, which aren’t defendants in the case, are identified in the indictment as Company A and Company B.

Source: Ex-Chesapeake CEO McClendon Indicted Over Lease Bid Rigging – Bloomberg Business

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