SEC: Fracking CEO's Mass Fraud Funded ‘Lifestyle Of Decadence And Debauchery’

From TPM

A Texas energy mogul known in the media as the “frack master” allegedly carried out an elaborate $80 million fraud scheme to fund his extravagant lifestyle, including a penchant for strippers, according to a lawsuit filed Friday by the Securities and Exchange Commission.

According to the SEC, Breitling Energy Corporation CEO Chris Faulkner and seven others at his company allegedly defrauded investors by giving them misleading information and manipulating Breitling’s stock. The lawsuit, filed in federal court in Dallas, accused Faulkner of misappropriating "at least $30 million in investor funds to maintain a lifestyle of decadence and debauchery."

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