Reuters) - Texas oilman Chris Faulkner built a high-profile public persona, raised millions for his oil and gas ventures and courted politicians. But the SEC has alleged that behind the scenes, he cheated investors out of $80 million to fund a "debauched" jet-setting lifestyle.
The U.S. Securities and Exchange Commission on Friday filed a lawsuit that alleges a stunning failure of corporate governance at Faulkner's Dallas-based Breitling Energy Corp (BECC.PK) and other companies he helped to create.