SEC Says Breitling Energy CEO Directed $80M Fraud

By Keith Goldberg (June 24, 2016, 2:16 PM EDT) -- The U.S. Securities and Exchange Commission on Friday sued the head of Texas oil and gas firm Breitling Energy Corp., claiming that he orchestrated a fraud with seven colleagues that scammed investors out of $80 million over a five-year period and spent millions in investor funds on strip clubs and other personal expenses.

The SEC accused Breitling Energy CEO Chris Faulkner, his company, three affiliated companies and seven other individuals with putting out false and misleading offering materials to investors, misappropriating millions of dollars of investor funds and attempting to manipulate Breitling's stock

Faulkner, an outspoken supporter of hydraulic fracturing and...

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