The federal government charged Houston-based Energy XXI founder John Schiller on Monday with fraudulently obtaining more than $10 million in personal loans and perks from corporate vendors and board members in exchange for contracts and appointments.
The U.S. Securities and Exchange Commission alleges Schiller engaged in pay-for-play with vendors dating back to 2014, personally receiving $7.5 million in undisclosed loans with companies that were awarded business contracts with Energy XXI. Schiller also was given a $3 million loan from a former Energy XXI board member and large shareholder.
Source: FuelFix
