SEC: Texas CEO used funds on strip clubs, private jets

Juan A. Lozano, Associated Press

 

HOUSTON (AP) — A Texas energy company CEO dubbed the "frack master" is being accused by regulators of defrauding investors of about $80 million, including spending at least $30 million on private jets, gentlemen's clubs, and personal escorts to "maintain a lifestyle of decadence and debauchery."

In a lawsuit filed Friday in federal court in Dallas, the Securities and Exchange Commission accuses Chris Faulkner, CEO of Breitling Energy Corporation, and others of misleading investors about the costs and potential returns on oil-and-gas investments sold by his companies.

The SEC alleges Faulkner, who hasn't been criminally charged, used one company card predominantly at gentlemen's clubs, including spending nearly $40,000 at one Dallas club over four days in July 2014

Larry Friedman, Faulkner's attorney, says the SEC's allegations "are not true."

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