Texan "Frack Master" Who (Allegedly!) Used Investor Funds To Pay Off "Whore Card" Offended By SEC Suit

Also: "Entertaining is part of raising investor capital from high net worth individuals."
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By Momoko (Open Clip Art library image's page) [CC0], via Wikimedia Commons

Momoko, via Wikimedia Commons

On a day when nothing has gone the way you thought it was supposed to, let us all take comfort in the fact that we can always rely on a guy who allegedly lied about his qualifications to allegedly misappropriate investor funds to buy strippers.

Calling himself the “frack master,” Texas businessman Chris Faulkner charmed hundreds of investors and major media companies into believing he had extensive experience in energy markets. It turns out he had none and that at least $30 million he raised was spent on strippers, escorts, lavish vacations and other personal expenses, according to Wall Street’s top cop.

And that the sort of person who would allegedly do such a thing would also allegedly have a nickname for the Amex he allegedly used to pay said strippers.

Faulkner’s alleged transgressions include using money from his Brietling Energy Corp. to pay off an American Express card that he referred to as his “whore card,” the U.S. Securities and Exchange Commission said in a complaint filed Friday. Faulkner and seven others, including Breitling chief operating officer Jeremy Wagers, defrauded investors out of about $80 million over the course of the past five years, the SEC said.

And that he would resent the hurtful characterizations made by the Securities and Exchange Commission, while simultaneously defending his alleged "entertaining" of clients.

“These allegations are not true or accurate,” said Larry Friedman, an attorney who represents Faulkner and the company. “The personal accusations about Faulkner are out of place and uncalled for. Entertaining is part of raising investor capital from high net worth individuals.”

When everything is going so wrong, breathe easy knowing that at least one thing is (allegedly!) going right.

SEC Sues ‘Frack Master’ for Spending Investor Cash on Strippers [Bloomberg]

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