October 23, 2018

The SEC has settled with the head of Breitling Oil and Gas Corporation (BOG) and Breitling Energy Corporation (BECC), Christopher A. Faulkner, for charges of securities fraud, engaging in illegal monetary transactions, and tax evasion. Between 2011 to 2016, the self-proclaimed “Frack Master” allegedly lied to investors about his experience and the estimated costs of drilling, pocketed a difference of about $80 million for his companies, and then funneled about $23 million of those funds for his personal use. The agency had previously settled with most of the 11 other individuals and entities that were also charged in this scheme. Faulkner will now serve 12 years in federal prison and pay $25 million in disgorgement and interest. SEC; USAO NDTX

Tagged in: Securities Fraud,