Oil and Gas Exploration
Breitling Oil and Gas CorporationFind BBB Accredited Businesses in Oil and Gas Exploration.
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Government Action
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government's allegations, which have not yet been proven.
On June 24, 2016, the Securities & Exchange Commission filed suit against Breitling Energy Corporation, Breitling Oil & Gas Corporation, Crude Energy LLC and Patriot Energy, Inc ("Breitling Energy et al"). The same SEC suit individually included Christopher Faulkner, Jeremy Wagers, Judson Hoover, Parker Hallam, Joseph Simo, Dustin Michael Miller Rodriguez, Beth Handkins and Gilbert Steedley. All parties mentioned are collectively known as the "Defendants". Tamra Freedman and Jetmir Ahmedi were included in the suit as Relief Defendants. This is a pending action.
The SEC alleges that the Defendants provided misleading statements in their offering material on investments (oil & gas working interest investments) offered by Breitling Energy et al, fraudulently misappropriated investment funds for personal use, manipulated Breitling Energy Corporation's stock price and lied to SEC investigators.
The SEC alleges that the Defendant's actions violated the antifraud and securities registration provisions of the Securities Act of 1933. The SEC further alleges these actions violated the provisions of the reporting, books and records, internal controls, misrepresentations and misconduct in connection with preparation of required reports, certification rules, proxy violations, and the beneficial ownership reporting requirements of the Securities Exchange Act of 1934.
The SEC is seeking a final judgment permanently enjoining the Defendants from further violating the specified provisions of the Securities Act and the Securities Exchange Act, ordering the Defendant to disgorge ill-gotten gains and ordering the Defendants to pay appropriate civil penalties.
The SEC is also seeking a final judgment ordering the Relief Defendants to disgorge ill-gotten gains.
For further information, please refer to -> https://www.sec.gov/litigation/litreleases/2016/lr23582.htm .
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