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So-called 'Frack Master' to pay $23.8 million to SEC, sentenced to 12 years in prison
https://www.marketwatch.com/story/sec-settles-with-frack-master-fraudster-for-238-million-2018-10-23So-called 'Frack Master' to pay $23.8 million to SEC, sentenced to 12 years in prison
Published: Oct 23, 2018 1:53 p.m. ET
By
Francine
McKenna
Reporter
The Securities and Exchange Commission settled on Tuesday with Christopher A. Faulkner-the self-proclaimed "Frack Master"-in connection with his wide-ranging securities-fraud scheme to systemically deceive investors across the country by disseminating false and misleading offering materials, misappropriating millions of dollars of investor funds, and manipulating the stock of Breitling Energy Corporation, a formerly publicly traded company controlled by Faulkner. The scheme raised more than $80 million from hundreds of investors nationwide. If the court approves the settlement, Faulkner would be ordered to pay $23.8 million, the same amounts he misappropriated from investors beginning in 2011 via privately held Breitling Oil and Gas Corporation, which offered and sold "turnkey" oil-and-gas working interests to investors using a team of commissioned cold-callers.
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