Oil Firm's Ex-CEO Banned by SEC Over Undisclosed Personal Loans
- Executive used vendor money to finance lifestyle, agency says
- SEC says he also borrowed from investor seeking board seat
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The former head of a Houston-based oil producer agreed to be fined and banned from holding executive positions to settle a regulator’s claims that he financed a lavish lifestyle with unreported loans from company vendors and a hedge fund manager who was seeking a board seat.
John D. Schiller Jr., 59, failed to disclose more than $10 million in personal loans he received while serving as chief executive officer of Energy XXI, the Securities and Exchange Commission said in a statement Monday. He sought the money in exchange for business contracts in 2014, when he was facing margin calls on a highly leveraged account secured by his company stock, the SEC said.