'Frack Master' Pleads Guilty To Fraud, Reaches SEC Deal

Law360 (October 23, 2018, 8:41 PM EDT) -- A Texas oil and gas CEO and self-described “frack master” has pled guilty to duping investors out of more than $71 million and agreed to resolve a civil suit brought by the U.S. Securities and Exchange Commission by disgorging the roughly $23.8 million he kept for himself, U.S. Attorney Erin Nealy Cox said in a Tuesday statement.

Breitling Energy Corp. CEO Christopher A. Faulkner will serve 12 years in prison after pleading guilty to securities fraud, money laundering and tax evasion. Faulkner issued misleading offering materials to investors, misappropriated investor funds and avoided paying taxes on at least $4.5 million, the...

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