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Christopher Faulkner, Ex-CEO of Breitling Energy, Pleads Guilty in $80M Fraud
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Christopher Faulkner, the ex-CEO of Breitling Energy Corp., has pleaded guilty to fraud and agreed to settle with the SEC for $24 million.
He was arrested on fraud charges back in June 2018, nearly two years to the day after the SEC first began investigating Faulkner for misappropriation of funds.
Prosecutors said between 2011 and 2016, Mr Faulkner raised $70 million from Investors and diverted more than $23 million to himself.
Faulkner faces up to 12 years in federal prision.
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