SEC Cracks Down on the ‘Frack Master’, Operator of an $80m Racket
- Chris Faulkner, a.k.a. the Frack Master, was found to be at the center of a sweeping scam worth millions.
The US’ Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) has cracked down on a total of four companies and eight individuals in a collective $80 million oil and gas racket, run by Chris Faulkner, who operated under the alias “the Frack Master”, according to an SEC statement.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Faulkner had expertise in hydraulic fracturing, and was even a frequent guest on a number of media sites, including such venues as CNBC, CNN International, Fox Business News, and the BBC – in this capacity he appeared as an oil and gas expert, though was also the CEO of Breitling Energy Corporation (BECC).
The SEC has charged him with seeding false statements, as well as the misappropriation of millions of dollars of investor funds and multiple attempts to manipulate BECC’s stock. Per the SEC complaint, Faulkner was running the illegal operations since 2011, possibly longer, via a privately-held Breitling Oil and Gas Corporation (BOG).
In addition, the SEC also alleged that the offering of materials by Faulkner included reports by a licensed geologist and confidant, Joseph Simo, that included production projections that were a sham as well as failing to disclose his affiliation with BOG
The SEC estimated that Faulkner misappropriated at least $30 million in investor funds for personal expenses, which ranged from meals and entertainment to international travel, cars, jewelry, gentlemen’s clubs, and personal escorts. Faulkner was not alone in these allegations, as the SEC also alleged that Beth Handkins and Rick Hoover, the former CFO of BECC, and Jeremy Wagers, BECC’s general counsel and COO, all managed to played instrumental roles in assisting Faulkner in the fraudulent operations.
According to Shamoil T. Shipchandler, Regional Director of the SEC's Fort Worth Regional office, in a recent statement on the complaint: “Chris Faulkner allegedly orchestrated a sophisticated and multilayered scheme using BECC and its affiliated entities as a conduit to access millions of investor dollars. The financing for Faulkner’s opulent lifestyle came directly at the expense of unwitting investors across the country.”
The US’ Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) has cracked down on a total of four companies and eight individuals in a collective $80 million oil and gas racket, run by Chris Faulkner, who operated under the alias “the Frack Master”, according to an SEC statement.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing – register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
Faulkner had expertise in hydraulic fracturing, and was even a frequent guest on a number of media sites, including such venues as CNBC, CNN International, Fox Business News, and the BBC – in this capacity he appeared as an oil and gas expert, though was also the CEO of Breitling Energy Corporation (BECC).
The SEC has charged him with seeding false statements, as well as the misappropriation of millions of dollars of investor funds and multiple attempts to manipulate BECC’s stock. Per the SEC complaint, Faulkner was running the illegal operations since 2011, possibly longer, via a privately-held Breitling Oil and Gas Corporation (BOG).
In addition, the SEC also alleged that the offering of materials by Faulkner included reports by a licensed geologist and confidant, Joseph Simo, that included production projections that were a sham as well as failing to disclose his affiliation with BOG
The SEC estimated that Faulkner misappropriated at least $30 million in investor funds for personal expenses, which ranged from meals and entertainment to international travel, cars, jewelry, gentlemen’s clubs, and personal escorts. Faulkner was not alone in these allegations, as the SEC also alleged that Beth Handkins and Rick Hoover, the former CFO of BECC, and Jeremy Wagers, BECC’s general counsel and COO, all managed to played instrumental roles in assisting Faulkner in the fraudulent operations.
According to Shamoil T. Shipchandler, Regional Director of the SEC's Fort Worth Regional office, in a recent statement on the complaint: “Chris Faulkner allegedly orchestrated a sophisticated and multilayered scheme using BECC and its affiliated entities as a conduit to access millions of investor dollars. The financing for Faulkner’s opulent lifestyle came directly at the expense of unwitting investors across the country.”