Former Chesapeake Energy Corporation CEO Indicted on Conspiracy Charges

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Former Chesapeake Energy Corporation ( CHK ) CEO Aubrey McClendon has been hit with conspiracy charges .

The conspiracy charges against the former Chesapeake Energy CEO claim that he set up agreements between two large oil companies to not bid against each other for some oil and natural gas leases in northwest Oklahoma. The alleged conspiracy took place from December 2007 to March 2012.

The alleged conspiracy had the two companies agreeing who would win the bid beforehand and then offering interest in the leases to the other one. If the charges are proved right, the previous Chesapeake Energy CEO could face up to 10 years in prison and a $1 million fine for each violation.

The charges against Aubrey McClendon were filed in the U.S. District Court for the Western District of Oklahoma on Tuesday. This case is the first from an ongoing federal antitrust investigation.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.