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Texas 'Frack Master' bilked investors


questionmark

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Texas oilman Chris Faulkner built a high-profile public persona, raised millions for his oil and gas ventures and courted politicians. But the SEC has alleged that behind the scenes, he cheated investors out of $80 million to fund a "debauched" jet-setting lifestyle.

The U.S. Securities and Exchange Commission on Friday filed a lawsuit that alleges a stunning failure of corporate governance at Faulkner's Dallas-based Breitling Energy Corp (BECC.PK) and other companies he helped to create.

Based upon inflated estimates of the oil and gas that his companies controlled, the charges said, Faulkner lured hundreds of U.S. investors to back his firms. Their investments were largely used to pay personal expenses for Faulkner, his associates, family and friends, the SEC alleged.

 

Read more on Reuters

 

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12 minutes ago, questionmark said:

But the SEC has alleged that behind the scenes, he cheated investors out of $80 million to fund a "debauched" jet-setting lifestyle

He isn't the first and won't be the last,

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Living the dream: the American Dream ©™

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Not seeing how this is a big deal.  How is it different than Trump spending campaign money on his own businesses(and thusly putting it in his own pocket)?

Is the guy bad for not funneling it through his company first?

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15 minutes ago, Gromdor said:

Not seeing how this is a big deal.  How is it different than Trump spending campaign money on his own businesses(and thusly putting it in his own pocket)?

Is the guy bad for not funneling it through his company first?

Well, yes. You see, those people gave him money to invest in his company, not in him. Now, if he had another company that would have sold the "goods" to the one people were investing in that would have been a different story. That is what some call "good business sense" and that is not illegal unless you expressively created the company bilking the company people are investing in to do that.

 

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