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Tuesday, November 6, 2018

Gulfport Energy CEO Resigns Amid Allegations of Misconduct

From NGI:
Gulfport Energy Corp. CEO Michael Moore has resigned after the company more than $ 600,000 in costs over five years for the unauthorized use of a chartered aircraft. 
The company is seeking reimbursement for $ 649,200 incharges, including hourly charter fees, flight fees and fuel expenses, in a regulatory filing Thursday, among other things. 
According to the filing, Moore for years also made personal charges on his Gulfport credit card, ranging from a low of $ 808 to a high of $ 347,164. While the charges were repaired and the company reported them, Gulfport said the charges may have constferent personal loans that were not permissible under the Sarbanes - Oxley Act of 2002. 
No other Gulfport executives used the chartered aircraft for personal purposes, the regulatory filing said.

Moore, 62, who joined the company as CFO in 2000 and was appointed CEO in 2014, is to receive $ 400,000 in separation payments. He earned $ 4.7 million in compensation last year, according to company disclosures.
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