The SEC charged Breitling Energy Corp., its CEO, and seven others with defrauding investors out of nearly $80 million by misleading them about the value of oil and gas assetsThe Commission’s suit alleges that CEO Christ Faulkner of Breitling, an oil and gas driller from Texas, had worked with numerous accomplices to defraud hundreds of unknowing investors in his oil and gas companies out of millions of dollars. The SEC believes Faulkner, the self-purported “Frack Master,” used the money to fund “a lifestyle of decadence and debauchery,” including lavish travel and the use of escort services. Faulkner allegedly seized upon investor interest in the shale oil boom to run the fraud in which he wrongfully sold investments in over twenty oil and gas prospects in many states. The descriptions of these investments were “replete with material misrepresentations and omissions,” according to the SEC. Also according to the SEC, the scam utilized four intertwined companies whose relationships were not adequately disclosed to investors. These companies include Breitling Energy Corp, Breitling Oil & Gas Corp., Crude Energy LLC and Patriot Energy Inc. The SEC says Faulkner and his companions knowingly lied to investors regarding the costs of drilling and completing wells, as well as the expected earnings for the prospects. “Faulkner and his co-defendants duped hundreds of people out of millions of dollars by intentionally and repeatedly lying about several aspects of the investments,” the SEC stated in the Northern District of Texas suit, which claims that Faulkner misappropriated at minimum $30 million of investor funds. If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.