SEC Charges Former Energy XXI CEO With Hiding Personal Loans

Former CEO and founder of Energy XXI Ltd. John D. Schiller Jr. has been charged by the federal government for fraudulently obtaining more than $10 million in personal loans from company vendors and a candidate for the company’s board during his time with the company, according to the U.S. Securities and Exchange Commission (SEC).

The allegations were announced by the SEC on July 16. Schiller departed from his position as director, CEO and president of the Gulf of Mexico Shelf-focused company in 2017.

“Schiller consented, without admitting or denying the SEC’s charges, to a permanent injunction that enjoins him from violating anti-fraud and reporting provisions of the federal securities laws, imposes a $180,000 penalty, and bars him from serving as an officer or director of a public company for five years,” the SEC said in a news release.