DALLAS (CN) — The SEC on Friday charged frequent talk-show guest Chris Faulkner, who calls himself the "Frack Master," with leading an $80 million oil and gas fraud through his company, Breitling Energy Corp.
The SEC also suspended trading in Breitling securities for 10 days.
The SEC says Faulkner, a recurring guest on Fox, CNN, CNBC and the BBC, disseminated false and misleading offering materials, misappropriated millions of dollars from investors and tried to manipulate Breitling stock.
It says Faulkner began running the scam in 2011 or earlier, through his privately held Breitling Oil and Gas Corp.
The SEC said in a statement that "Faulkner misappropriated at least $30 million of investor funds for personal expenses, including lavish meals and entertainment, international travel, cars, jewelry, gentlemen's clubs, and personal escorts."
Also charged are Breitling Oil and Gas Corp.; its co-owners and salesmen Parker Hallam and Michael Miller; licensed geologist Joseph Simo; Crude Energy LLC; Patriot Energy Inc.; former Crude and Patriot employee Beth Handkins; former Breitling Energy CFO Rick Hoover; and Breitling Energy's COO and general counsel Jeremy Wagers.
Miller, Handkins and Steedley have offered to settle separately.
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