Breitling Energy CEO Hit with SEC Lawsuit Accusing him of Misspending $80 million

ChrisFaulkner

A Dallas energy company executive stands accused of defrauding investors of nearly $80 million, money he allegedly spend on private jets, personal escorts and gentleman’s clubs.

The Securities and Exchange Commission, in the filing of a lawsuit in Dallas accused Chris Faulkner of spending at least $30 million to “maintain a lifestyle of decadence and debauchery.”

He’s CEO of Breitling Energy Corporation who has not been hit with any criminal charges in the SEC filing. But the SEC says he misled investors about the costs and potential returns on oil-and-gas investments sold by his company.

The civil lawsuit accused Faulkner of using one company credit card at gentlemen’s clubs.  In one case, he allegedly spent nearly $40,000 at one Dallas club in a four-day period in the summer of 2014.

His attorney, Larry Friedman denies the allegations.