SEC Charges Breitling Energy Corp. (BECC) and CEO In $80 Million Fraud Case

Soreide Law Group is currently investigating, on behalf of investors who have experienced devastating losses, the oil and gas company Breitling Energy Corp. (BECC).
BECC’s 52 week range: 0.01 - 0.17
The U.S. Securities and Exchange Commission (SEC) charged Dallas-based Breitling Energy Corp. and its CEO, “Frack Master” Chris Faulkner, of fraudulently spending tens of millions of dollars of investors’ money on lavish meals, expensive cars, and escorts.
According to the 63-page SEC complaint, dated June 24, 2016, it is alleged that Chris 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, including the relationships between and among the Defendants, Faulkner’s industry experience, the nature and operation of the investments, the estimated costs to drill and complete the prospects, the use of investor proceeds, and the projected oil and gas production that investors could expect.
The SEC alleges that Faulkner masterminded an elaborate $80 million oil and gas fraud that included Breitling, three other affiliated energy companies, Crude Energy, Patriot Energy and Breitling Oil and Gas, and eight corporate executives, including the Breitling Energy General Counsel.
Faulkner, who was a frequent guest on CNBC, Fox Business News and CNN, was called “frack master” by the media because of his advocacy of the industry. The SEC alleges he gave false and misleading offering materials, misappropriated tens of millions of dollars of investor funds and attempted to manipulate Breitling Energy’s stock.
The SEC alleged that Faulkner established Crude Energy and Patriot Energy to deceive investors through offerings similar to those conducted by Breitling Oil and Gas.
Breitling Oil and Gas, Crude Energy and Patriot Energy raised more than $80 million from investors as part of these deceptive offerings, the SEC claimed.
Also, the SEC also alleges that Chris Faulkner engaged in a scheme to manipulate the price of BECC’s stock by placing trades at the end of the day to mark the close of the stock.
If you were a victim of fraud by the alleged schemes conducted by Breitling Energy Corp. (BECC), and experienced losses in this oil and gas stock, call the Soreide Law Group for a no-cost consultation regarding the possible recovery of your losses at:  888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on contingency fee and we will advance all costs. We are committed to recovering our clients’ losses due to the negligence or fraud by their stock brokers or financial advisors.