Self-Proclaimed US 'Fracking Master' Gets 12 Years In Jail For Fraud - Regulator

A US securities broker who branded himself as fracking expert to defraud energy investors of $80 million has been sentenced to 12 years in a federal prison and fined $23.8 million, the Securities and Exchange Commission announced in a press release on Tuesday.

WASHINGTON (UrduPoint News / Sputnik - 23rd October, 2018) A US securities broker who branded himself as fracking expert to defraud energy investors of $80 million has been sentenced to 12 years in a Federal prison and fined $23.8 million, the Securities and Exchange Commission announced in a press release on Tuesday.

"[Christopher] Faulkner first proclaimed himself the 'Frack Master' in order to deceive investors about his expertise and steal millions of Dollars to fund his lifestyle," director of the SEC regional office in Fort Worth, Texas Shamoil Shipchandler stated in the release. "Today's serious civil and criminal sanctions serve as a warning to anyone who intends to target retail investors.

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Beginning in 2011, Faulkner deceived investors across the country by disseminating false stock offerings and manipulating share prices for a series of energy companies that he controlled, the release said.

Faulkner, with the assistance of others, used these entities to raise more than $80 million from which he misappropriated approximately $23.8 million to fund his lavish personal lifestyle, the release noted.

The SEC also charged 11 other individuals and entities for their roles in the misconduct, reaching settlements with a majority of them, according to the release.