SEC Sues ‘Frack Master’ for Spending Investor Cash on Strippers

[mitty14u2]

Source: Bloomberg News




SEC “U.S. Securities and Exchange Commission”

Calling himself the “frack master,” Texas businessman Chris Faulkner charmed hundreds of investors and major media companies into believing he had extensive experience in energy markets.
It turns out he had none and that at least $30 million he raised was spent on strippers, escorts, lavish vacations and other personal expenses, according to Wall Street’s top cop.
Faulkner’s alleged transgressions include using money from his Brietling Energy Corp. to pay off an American Express card that he referred to as his “whore card,” the U.S. Securities and Exchange Commission said in a complaint filed Friday. Faulkner and seven others, including Breitling chief operating officer Jeremy Wagers, defrauded investors out of about $80 million over the course of the past five years, the SEC said.





Read more: http://www.bloomberg.com/news/articles/2016-06-24/sec-sues-frack-master-for-spending-investor-cash-on-strippers

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Chris Faulkner, CEO of Breitling Energy Corporation (BECC) and past guest on CNBC, CNN International, Fox Business News, and the BBC

[underpants]

1. $30M in 1's is not easy to carry around.

[phazed0]

4. I can't wait until we vote Hillary in..

No way will the TPP nor the positive view on fracking allow for any more SEC Sue-ing..

[chapdrum]

6. Oh yes, me too!

The SEC will be phased out, much like the EPA has been undergoing.

They're so close to total victory, they can taste it.

[chapdrum]

2. What a motherfracker.

Speaks volumes about the slow death that is fracking.

Fun fact: In the drought-parched Central Valley of California, farmers are so desperate for water that they buy "produced water" for their crops. That part of the state produces the majority of fruits and vegetables sold through the USA.

In industry parlance, produced water is that which has been sent underground in highly pressurized form, to help break shale. When it returns to the surface, it still contains all of the toxic chemicals it originally contained, but now it also has naturally occurring radioactivity from going so far down below the ground.

This water is then used on the crops. Yes, the oil industry sells it.

Both practices are evidently legal.

[Akicita]

11. Not quite. Produced water is just water that is produced along with the oil. In some formations you

can have 10 barrels of formation water produced for every barrel of oil. Some of the produced water may be from the fracing process but most is just natural formation water.The water is separated from the oil at the surface and is typically pumped back into the ground in salt water disposal wells. This salt water disposal is causing earthquakes in Oklahoma.

I can't believe anyone would use this formation water on crops. It is typically very salty and contains some nasty naturally occurring chemicals. It also can be radioactive. I would think it would kill any plants it touches. Maybe they are using reverse osmosis or something to treat it.

[scscholar]

3. Typical of fracking supporters

No morals.

[Judi Lynn]

7. Maybe his criminality will discourage fracking investors who clearly disrespect life on earth.

[center][/center]

[Grins]

8. You make that sound like a bad thing....

Gee; what do you have against hard working strippers and escorts?

[99th_Monkey]

9. Yes, a real Job Creator he is, that Faulkner fellow. n/t

[mdbl]

15. Now that he's caught

many strippers will be out of a job.

[47of74]

10. Lemme guess, he's a Trumpsterfire supporter.

[bucolic_frolic]

12. How do these people spend that kind of money

without raising suspicions sooner?

Hastert was having trouble with lesser amounts in cash

The article say a credit card was involved, that is sort of ok with the Feds?

[Scruffy1]

13. It's easy. Incorporate. n/t.

[bucolic_frolic]

14. So, if

Hastert had incorporated and formed a hypothetical consulting
company, he could have added the "employees" he needed to
pay them legally and perhaps no one would have been the wiser?

He should have known that! Big people know all about the various
forms of business organization.

[TexasBushwhacker]

16. Absolutely

The only problem is that the payments to the "employees" would be taxable.

[bucolic_frolic]

17. oh, so he was saving money

cheap Republican bastard

[TexasBushwhacker]

18. Well, saving them money too

LOL. He just didn't want THEM to have to pay income taxes on the millions.

[The Second Stone]

19. He must have been really careless and offended someone at the SEC

because ordinarily the SEC is down for whores and resorts.

[hack89]

20. What did he waste the other $50 million on? nt