The US Securities and Exchange Commission last week accused Texas-based oil and gas driller Breitling Energy Corp of fraud on a massive scale. The corporation’s chief executive and seven other employees were charged with defrauding investors of around $80 million. The federal agency accused the driller of misleading investors about the value of the company’s oil and gas assets, reports Business Insider.
Breitling Corp’s Chief Executive Chris Faulkner is a frequent guest on television shows and calls himself the “Frack Master.” According to the SEC, Faulkner worked with several co-conspirators to dupe hundreds of unwitting investors. The charges include knowingly lying to investors about the cost of drilling and completing wells, and the expected earnings for those prospects.
Faulkner is alleged to have personally misappropriated at least $30 million himself.
