The SEC is going after Breitling Energy CEO Chris Faulkner, alleging that he used investor cash to fund his personal expenses, according to multiple reports.
According to a report by the Dallas Morning News, the SEC is alleging that Faulkner and several Breitling executives took advantage of investors to the tune of $80 million.
Faulkner’s lawyer, Larry Friendman, responded to the allegations, commenting: “We were very surprised to see this today. To my knowledge, we have no investor complaints.”
The SEC alleges that Faulkner lied about his educational background, fed potential investors inflated well production expectations and used investor money for personal expenses, including spending thousands of dollars at Dallas-area gentleman’s clubs.