SEC Settles Fraud Case With Texas Oil Man ‘Frack Master’

The U.S. Securities and Exchange Commission (SEC) said on Oct. 23 it had agreed to settle a fraud case with Texas oil and gas businessman Christopher Faulkner for $23.8 million.

Faulkner, who called himself the “Frack Master,” was involved in a wide-ranging securities-fraud scheme that raised over $80 million from hundreds of investors nationwide, the SEC said.

He has simultaneously entered a plea agreement relating to the same misconduct under which he will serve 12 years in federal prison for securities fraud, money laundering, and tax evasion, the SEC said in a statement.