Chesapeake Energy Corporation Charged with Fraud, Racketeering

Michigan Attorney General Bill Schuette is charging Chesapeake Energy Corporation (NYSE:CHK) with felony counts of fraud and racketeering for allegedly canceling hundreds of leases under false pretenses during the state’s brief 2010 oil and gas boom, reports Brian Grow and Joshua Schneyer for Reuters (h/t ZeroHedge).

“I will defend and protect the taxpayers of Michigan in the face of fraudulent business practices,” said Schuette. “Scamming hardworking Michigan citizens is not how we do business in this state.”

Chesapeake used leases like unpaid options: Michigan AG

Schuette says that Chesapeake Energy Corporation (NYSE:CHK) signed leases with as many as 800 people, and then...