{"id":3659,"date":"2016-06-24T00:00:00","date_gmt":"2016-06-24T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/06\/sec_files_charges_in_80m_texas"},"modified":"2016-06-24T00:00:00","modified_gmt":"2016-06-24T05:00:00","slug":"sec-files-charges-in-80m-texas","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-files-charges-in-80m-texas\/","title":{"rendered":"SEC Files Charges in $80M Texas Oil and Gas Scam"},"content":{"rendered":"

The U.S. Securities and Exchange Commission is charging Breitling Energy Corp. (BECC), Breitling Oil & Gas Corporation, Patriot Energy Inc., Crude Energy, LLC, and eight people over an $80M Texas oil and Gas scam<\/a> run by a Dallas man. Chris Faulkner, who is Breitling Energy Corp.\u2019s CEO, is accused of starting the scam as far back 2011 through Breitling Oil and Gas Corporation (BOG), which sold \u201cturnkey\u201d oil and gas working interests.<\/p>\n

Faulkner is charged with issuing misleading and false offering documents, trying to manipulate BECC\u2019s stock, and misappropriating clients\u2019 funds, including at least $30M for his own expenses, such costly meals, international travel, personal escorts, and jewelry. The SEC said that the false offering documents included fake statements and omissions regarding Faulkner\u2019s experience, the ways in which investor money would be used, and drilling cost estimates. The documents also included reports by Joseph Simo, a licensed geologist. Simo\u2019s production projections purportedly had no basis and the reports did not mention that he had ties to BOG. <\/p>\n

The SEC said that BECC, Patriot Energy, and Crude Energy also were involved in the scam. Faulkner is accused of setting up the latter two companies so he could scam investors through additional offerings that resembled those offered by BOG. BOG, Patriot, and Crude would go on to raise over $80M from investors.<\/p>\n

Also facing SEC charges are ex-Crude and Patriot employee Beth Hadkins, ex-BECC CFO Rick Hoover, BECC COO Jeremy Wagers, BOG co-owners Dustin Michael Miller Rodriguez, and Parker Hallam, Simo, and ex-BECC employee Gilbert Steedley. Wagers and Hoover, <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission is charging Breitling Energy Corp. (BECC), Breitling Oil & Gas Corporation, Patriot Energy Inc., Crude Energy, LLC, and eight people over an $80M Texas oil and Gas scam run by a Dallas man. Chris Faulkner, who is Breitling Energy Corp.\u2019s CEO, is accused of starting the scam as far […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3750],"tags":[3633],"class_list":["post-3659","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud","tag-oil-and-gas-fraud"],"yoast_head":"\nSEC Files Charges in $80M Texas Oil and Gas Scam — Investor Lawyers Blog — June 24, 2016<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is charging Breitling Energy Corp. 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(BECC), Breitling Oil & Gas Corporation, Patriot Energy Inc., Crude — June 24, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Files Charges in $80M Texas Oil and Gas Scam — Investor Lawyers Blog — June 24, 2016","description":"The U.S. Securities and Exchange Commission is charging Breitling Energy Corp. 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