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SEC charges four companies for oil and gas fraud

Jaclyn Jaeger | June 27, 2016

The Securities and Exchange Commission has charged four companies and eight individuals in an $80 million oil and gas fraud orchestrated by a man who calls himself the “Frack Master” for his purported expertise in hydraulic fracturing. 

The SEC charged Chris Faulkner, the chief executive officer of Breitling Energy (BECC), with disseminating false and misleading offering materials, misappropriating millions of dollars of investor funds and attempting to manipulate BECC’s stock. The SEC also charged BECC and suspended trading in BECC’s securities for 10 business days.

According to the SEC’s complaint, Faulkner started the scheme dating back to at least 2011 through privately held Breitling Oil and Gas Corporation (BOG), which offered and sold “turnkey” oil and gas working interests. Faulkner ran most of BOG’s operations, while co-owners Parker Hallam and Michael Miller oversaw the sales...

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