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Former Breitling Energy CEO Chris Faulkner has been arrested on fraud charges relating to defrauding investors to the tune of $80 million, according to multiple reports.
This development comes nearly two years to the day after the SEC first began investigating Faulkner for misappropriation of funds. The most recent charges allege that he used investor funds to support a lavish lifestyle.
Faulkner coined himself the "Frack Master" and was known for his on-air appearances to discuss various industry-related topics.
Faulkner or his lawyer have not yet commented on the development.
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