Major Republican Donor Accused of $30 million Fraud

Dallas, TX -- International travel, fast cars, jewelry, high-end escorts and dinner at the finest restaurants are only some of the things the SEC alleges Breitling Energy CEO Chris Faulkner charged on his "whore card," a company issued American Express Faulkner used to hide his expenses and reimbursements from the rest of the company.

Faulkner, who became something of a media darling after declaring himself the 'frack master,' is also a major donor to state level Republicans.

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In the run up to the November 2014 election, Faulkner donated $87,500 to Lt. Gov. Dan Patrick's campaign. He also donated $100,000 to Ryan Sitton's campaign for Texas Rail Road Commissioner and $5,000 to George P. Bush's campaign for commissioner of the General Land Office, according to records from the Texas Ethics Commission.

The embezzlement charges came to light in a recently filed lawsuit that accuses Faulkner and seven other Breitling employees of defrauding investors of at least $30 million. The money was allegedly used to furnish a lavish lifestyle of "decadence and debauchery," according to the lawsuit.

The SEC alleges that in one four-day period Faulkner spent $40,000 at a Dallas strip club. Faulkner financed the fraud by inflating drilling estimates presented to investors and pocketing the difference between the quoted price and the actual cost, according to the lawsuit.

Faulkner has also sued or been sued by a variety of former associates, all of whom accuse him of failing to pay his bills. Among those who have filed suit against the oil man are his former publicist and a New York party promoter.

The promoter claims that Faulkner "used substances," "engaged in a lifestyle of excess," got into repeated altercations at swanky Manhattan night spots and failed to pay a $240,000 bill.