SEC reviewing Chesapeake compensation program - WFMJ.com News weather sports for Youngstown-Warren Ohio

SEC reviewing Chesapeake compensation program

The Securities and Exchange Commission is reviewing a compensation program at Chesapeake Energy Corporation that created potential conflicts of interest for its CEO.

The program allows Aubrey McClendon to take personal stakes in the company's oil and natural gas wells.

Investors have criticized the program and news reports revealed recently that McClendon took out more than one billion in loans to cover his investment in the company's wells.

Some of those loans came from a group that was planning to buy Chesapeake assets.

Chesapeake has opened its own investigation into the program. It also stripped McClendon of his board chairmanship and will end the well-investment program in 2014.

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