Breitling Oil & Gas – Christopher Faulkner – Securities Fraud Investigation
Have you suffered losses investing in Breitling Oil & Gas at the advice of your financial advisor? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA Arbitration.
According to a press announcement last week, the Securities and Exchange Commission has agreed to a settlement with Christopher A. Faulkner in connection with his wide-ranging securities fraud scheme that raised over $80 million from hundreds of investors nationwide.
Faulkner allegedly lied to investors across the country, according to the SEC’s June 2016 complaint, by distributing false and misleading offering materials, and stealing millions of dollars of investor funds, as well as manipulating the stock of Breitling Energy Corporation (BECC).
According to the SEC, Faulkner “started the scheme in 2011 through privately held Breitling Oil and Gas Corporation (BOG), which offered and sold “turnkey” oil-and-gas working interests to investors using a team of commissioned cold-callers.”
Faulkner, with the assistance of others, purportedly used these entities to raise more than $80 million and then he misappropriated approximately $23.8 million to “fund his lavish personal lifestyle”. The SEC also charged 11 other individuals and entities for their roles in the misconduct.
Faulkner has simultaneously entered into a plea agreement relating to the same misconduct under which he will serve 12 years in federal prison for securities fraud, money laundering, and tax evasion charges filed by the U.S. Attorney’s Office in the Northern District of Texas.
Under the agreed final judgment, which has been approved by the court, Faulkner is ordered to pay $23,095,707 in disgorgement plus $1,911,594 in prejudgment interest for a total of more than $25 million.1 He also is permanently enjoined from violating various provisions of the federal securities laws and from participating in any unregistered securities transactions; and barred from serving as an officer or director of any SEC-reporting company and from participating in any offering of a penny stock.
Investigating Potential Claims
The White Law Group continues its investigation involving broker dealers who may have unsuitably recommended Breitling Oil & Gas to investors.
If you have suffered investment losses investing in Breitling Oil & Gas, please contact The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm, visit www.WhiteSecuritiesLaw.com.