Chesapeake's (CHK) McClenson Taps Former SEC Lawyer in $1.3B Loan Inquiry

According to reports out late Tuesday, Chesapeake Energy (NYSE: CHK) CEO Aubrey McClendon is said to have hired an ex-SEC lawyer to represent him in defending against a regulatory inquiry into about $1.3 billion of personal loans.

The lawyer, Marvin Pickholz, is currently partner at Duan Morris. He was formerly assistant director of enforcement with the U.S. SEC.

McClendon is being looked into over a potential conflict of interest. He signed a deal with EIG Global Energy Partners which gave him a 2.5 percent interest in every well drilled by Chesapeake each year. The interest was put up as collateral for McClendon's loans.

The SEC is investigating as to whether or not the loans constituted a conflict of interest.

News comes days after McClendon relinquished the Chairman role.

Shares of Chesapeake ended 2.9 percent higher on the session.

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