The U.S. Securities and Exchange Commission has accused executives at a Dallas oil and gas energy company, including the CEO and general counsel, of a “long-lasting and egregious fraud” that included spending investors’ money at gentlemen’s clubs.
In a civil complaint filed June 24 in the U.S. District Court in Dallas, the SEC alleged that Breitling Energy Corp. and eight of its executives were involved over the past five years in a $80 million scheme to mislead investors in oil and gas prospects. According to the SEC, the defendants lied to investors about things like projected costs and the experience of CEO Chris Faulkner — self-dubbed the “Frack Master” for his purported expertise in hydraulic fracturing.
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