Have you ever wondered what oil and gas scammers do with the money they steal from investors? Consider this Texas case.
Recently, the United States Securities and Exchange Commission (“SEC”) filed a massive lawsuit against Christopher Faulkner, Breitling Energy Corporation and Jeremy Wagers. The SEC alleges the defendants had committed several violations of Securities Act. Here are key elements of the lawsuit:
- Faulkner and his co-defendants defrauded investors out of approximately $80 million dollars.
- Faulkner, assisted by his co-defendants, brazenly misappropriated at least $30 million of investors’ funds. He used the money for extravagant personal expenses, including gentlemen’s clubs and personal escorts.
- Attorney Jeremy Wagers joined Breitling oil and gas corporation in 2012.
- Wagers was involved with Mr. Faulkner regarding payment of alleged legitimate business expenses.
- Wagers used his business Amex card predominantly for gentlemen’s club expenses, including nearly $40,000.00 in charges at a Dallas gentlemen’s club during a four-day period in July of 2014.
Unfortunately, several investors have lost substantial sums with Breitling Energy Corporation and its related entities. They have hired Mark Alexander’s law firm to sue Christopher Faulkner, Breitling Energy Corporation, Jeremy Wagers and others to recoup their money.
These lawsuits represent just a sampling of the incessant flow of oil and gas frauds victimizing Americans.
Considering an oil and gas investment? We strongly suggest you contact the Texas Railroad Commission and the Texas Security Board prior to signing an investment contract. Request detailed information as to the legitimacy of the oil and gas company you’re considering.
We’re here to help if you’d like us to review the proposal and contract before you invest.
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Addison, Texas 75001
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