“Ex-CEO at Oil Driller Settles SEC Inquiry On Undisclosed Loans,” The Wall Street Journal, July 17, 2018. CEO had taken more than $10 million in loans from vendors in return for awarding contracts.
He used the money to cover margin calls and to maintain an extravagant lifestyle. Also caught up in the scandal was a former portfolio manager who got a seat on the company’s board.
CEOs get hammered, too, for conflicts and poor ethics.
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