Fracking pioneer dies in car wreck after being indicted for bid rigging

Former Chesapeake Energy CEO Aubrey McClendon, a pioneer of America's recent energy boom, died in a fiery car crash on Wednesday, one day after being indicted by a federal grand jury.

McClendon, 56, was driving alone and traveling very fast when his car "drove straight into" an overpass wall, according to the Oklahoma City Police Department. His 2013 Chevy Tahoe was immediately engulfed in flames and investigators concluded he was not wearing a seatbelt.

"There was plenty of opportunity for him to correct and get back on the road but that did not happen," Captain Paco Balderrama of the Oklahoma City police said at a press conference.

McClendon was considered by many as one of the leaders of the U.S. shale oil and natural gas revolution that has transformed the global energy landscape. He founded Chesapeake (CHK) in 1989 and turned the company into a powerhouse.

However, McClendon's 24-year reign at Chesapeake was marred by tumult and he resigned amid legal scrutiny in 2013. He was ousted from the company after it was revealed he was bankrolling a lavish lifestyle with more than $1 billion in loans backed by a personal stake in the company's wells.

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McClendon was indicted late Tuesday for allegedly conspiring to rig the price of oil and natural gas leases in Oklahoma. The Department of Justice accused him of orchestrating a conspiracy that spanned 2007 until 2012.

The Department of Justice accused McClendon of abusing his power by orchestrating a "conspiracy" that squeezed oil and natural gas leaseholders in Oklahoma. The companies involved in the alleged scheme conspired to not bid against each other for the leases, violating laws that mandate competitive bidding, the DOJ indictment alleged.

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