I am a member of the Hankamer family and am curious to know what happened t this asset. Also was this the same as the Seely Blackstone #1 referred to here in approx same area? https://www.oilandgas360.com/breitling-energy-announces-newton-county-texas-prospect-update/
Mack... I know this would get a big smile.
Texas ‘Frack Master’ guilty of defrauding investors out of millions
SEC Announces $23.8 Million Settlement with the Self-Proclaimed “Frack Master”
FOR IMMEDIATE RELEASE
Washington D.C., Oct. 23, 2018 —
The Securities and Exchange Commission today announced it has agreed to a settlement with Christopher A. Faulkner—the self-proclaimed “Frack Master”—in connection with his wide-ranging securities-fraud scheme that raised over $80 million from hundreds of investors nationwide. 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.
According to the SEC’s June 2016 complaint, Faulkner systemically deceived investors across the country by disseminating false and misleading offering materials, misappropriating millions of dollars of investor funds, and manipulating the stock of Breitling Energy Corporation (BECC), a publicly traded company Faulkner controlled. 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. As part of these offerings, Faulkner lied to investors about his experience, the drilling-cost estimates for the prospects, and the use of their invested funds. Over time, the scheme evolved to include BOG’s successor, BECC and two affiliated entities that he secretly controlled, Crude Energy LLC and Patriot Energy Inc. Faulkner, with the assistance of others, 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, reaching settlements with a majority of them.
In August 2017, on an emergency motion filed by the SEC, the court froze Faulkner's assets and placed them, as well as BECC and BOG, under the control of a court-appointed receiver due in part to Faulkner’s continued misappropriation of investor funds. The court also preliminarily enjoined Faulkner and the two companies from violating antifraud provisions of the federal securities laws. A month later, the Commission obtained emergency relief against Faulkner and others for a separate offering fraud in California involving real estate.
“Faulkner first proclaimed himself the ‘Frack Master’ in order to deceive investors about his expertise and steal millions of dollars to fund his lifestyle, and the SEC put an early end to his second effort to defraud investors in a real estate scheme,” said Shamoil T. Shipchandler, Director of the SEC’s Fort Worth Regional Office. “Today’s serious civil and criminal sanctions serve as a warning to anyone who intends to target retail investors.”
Under the agreed final judgment, which is subject to court approval, Faulkner would be ordered to disgorge $23.8 million; 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.
The SEC’s litigation has been handled by B. David Fraser, Scott F. Mascianica and Timothy S. McCole, and supervised by Eric R. Werner. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Northern District of Texas.
Faulkner never ever stops trying to fraud people, just throw this absolute waste into jail and throw the key away?
SEC claims that Faulkner was manipulating the stock of BECC illegally. They guys that sold the shell, previously known as Bering Exploration, BERX, have a history of illegal pump and dumps and buying and selling shell companies for purposes of defrauding investors. They made a lot of money from BECC at the expense of investors. They should be accountable to investors.
Wow, I am a bit surprised. I don't check back here very often. Do you have a link so I can add the info to my collection?
Don't forget to catch Chris Faulkners podcast direct from jail Powering America through a jail cell as he discusses how he continues to want Denton residents to fall on his sword.
I hope Chris Faulkners Cellmate appreciates the article about falling on the sword.
I continuously watch a show on CNBC called American Greed. I am pretty sure this story could qualify for the show. You can submit stories for them to investigate. If everyone on this board submits on the same day I guarantee they will notice very quickly and start investigating. Go to this website and click contact and submit this story. http://www.cnbc.com/id/18057119
Sorry to see this obvious POS and its pseudo trader-promoters bite the dust. Some were doing well with their free Picante shares
"This initial decision revokes the registration of Respondent’s registered securities due to its failure to timely file required periodic reports with the Securities and Exchange Commission."
I guess I was correct
Told u this was a scam
I know that most people have lost interest in Breitling, and rightly so, but I continue to check in from time-to-time. For some reason, Google came up with this article and I don't think it had in the past. For those interested, this article gives some insight into the evolution of the Breitling tale. The careful reader will notice contradictions with later statements.
Update on SEC actions to revoke the listing of BECC:
Agreed. Did Breitling make a fatal mistake in believing the vomit some posted here?
Thanks for keeping the board current on relevant information regarding the SEC investigation.
IMO and FWIW.
With the FBI involved, any open assets will be frozen. I don't think any toxic lender will be interested. He should Ask Kramer, if not already a fait accompli
Perhaps not so serious for Faulkner. He has a couple of inactive corporations in Wyoming just sitting there to be used in the next venture.
Somehow I feel that the below-referenced website is about to get much more sophisticated. Grand Mesa was created in 2007, so I guess Faulkner has been in the real estate business for nine years. May I introduce Real Estate Master? I am sure CNBC will be interviewing him about the global real estate markets.
Someone should create a Grand Mesa board in anticipation of the IPO.
Nothing wrong with buying your own shares and re pocketing the cash, as long as SEC doesn't frown. Heck, you cab even borrow other folks reserves- temporarily
No problem trading. The Yugo guy will scarf up all the "cheapies"
Trading suspension is lifted today...look for a 90%+ drop....assuming it trades at all...
I am not experienced in the underbelly of stock trading. Is there, in fact, a reverse merger that turned into a viable company?
With regard to reaper's steadfast reliance on insider trading filings, isn't the SEC claiming Faulkner covered up his trades?
I have to assume that one could make money off even a grifter's company by timing trades. Anyone ever done that consistently? Did it involve promoting the stock on investorhub.com?