On the morning of March 2, 2016, the former CEO of Chesapeake Energy, Aubrey McClendon, 56, died one day after he was indicted for conspiracy.
McClendon was involved in a single-vehicle car crash in Oklahoma City, Okla. According to CNN and a report that was taken by the Oklahoma City Police Department, the former CEO drove his 2013 Chevy Tahoe “straight into” a highway’s overpass wall, where the SUV then burst into flames. McClendon died immediately.
Chesapeake Energy’s ex-CEO and founder was involved in a conspiracy case that alleged the company rigged bids for the purchase of natural gas and oil leases in northwest Oklahoma between December 2007 and March 2012. McClendon was accused of arranging the conspiracy between Chesapeake Energy and two Oklahoma gas and oil companies. Though he denied those accusations, he was indicted by a grand jury the night before his accident.
If McClendon was found guilty, he would have faced a maximum penalty of 10 years in prison for violating the Sherman Antitrust Act. He would have also been fined $1 million.
This is not the first time that McClendon’s integrity was questioned. In 2012, it was alleged that he used the company’s employees to perform personal work that cost the company $3 million. Some of this personal work consisted of repairing his home and accounting support. It was reported that McClendon also used company planes for leisure travel for himself and his family.
McClendon worked for Chesapeake Energy from 1989 to 2013. A day after his resignation, he founded the American Energy Partners. Chesapeake Energy is the country’s second-largest producer of natural gas. During his career at Chesapeake Energy, he became part-owner of the NBA’s Oklahoma City (OKC) Thunder.
By Tricia Manalansan
Edited by Cathy Milne
CNN Money: Ex-Chesapeake CEO Aubrey McClendon dead after car accident
ESPN: OKC part owner Aubrey McClendon indicted on bid-rigging charges
Image Courtesy of KT King’s Flickr Page – Creative Commons License