Current BECC Stock Info

On June 24, 2016, the U.S. Securities and Exchange Commission filed a complaint in U.S. District Court against Christopher A. Faulkner, Breitling Energy Corp., and 10 other associated individuals and companies.

Other defendants listed in the complaint include Jeremy S. Wagers, Esq., Judson F. “Rick” Hoover, Parker R. Hallam, Joseph Simo, Dustin Michael Miller Rodriguez, Beth C. Handkins, Gilbert Steedley, Breitling Oil & Gas Corporation, Crude Energy, LLC, and Patriot Energy, Inc.

Here is how the introduction in the filed complaint sets the SEC’s case:

“Chris Faulkner and his co-Defendants have defrauded investors out of approximately $80 million through the sale of oil-and-gas working interest investments over the course of at least the last five years.

“Faulkner and his co-Defendants duped hundreds of people out of millions of dollars by intentionally and repeatedly lying about several aspects of the investments, including the relationships between and among the Defendants, Faulkner’s industry experience, the nature and operation of the investments, the estimated costs to drill and complete the prospects, the use of investor proceeds, and the projected oil and gas production that investors could expect.

“Once in receipt of investor funds, Faulkner, assisted by his co-Defendants, brazenly misappropriated at least $30 million of investors’ funds for extravagant personal expenses, including lavish meals and entertainment, international travel, cars, jewelry, gentlemen’s clubs, and personal escorts.

“The Defendants, as a result of their conduct, violated numerous federal securities laws, including the antifraud, reporting, and books and records provisions. The Commission brings this action in the interest of protecting the public from any further fraudulent activity and to hold Defendants accountable for their roles in this long-lasting and egregious fraud.”

The SEC complaint that was filed on June 24 with the U.S. District Court for the Northern District of Texas, Dallas Division, may be read here.

The SEC issued a press release about its charges against Faulkner, Breitling Energy, et al, which may be read here.

Legal Notice