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SEC settles fraud allegations against the ‘Frack Master’

DALLAS (AP) — Federal officials say a man who called himself the oil and gas “Frack Master” on cable television has agreed to serve 12 years in prison after pleading guilty to securities fraud and tax charges.

The U.S. Attorney in Dallas, Erin Nealy Cox, announced the plea deal Tuesday with Christopher Faulkner.

The Securities and Exchange Commission says it settled a lawsuit against Faulkner.

The SEC sued Faulkner, seven others and four companies in 2016. Authorities say Faulkner misled investors to raise $71 million from 2011 to 2016, then diverted about $23 million for personal use.

The SEC says Faulkner will give up $23.8 million and be barred from leading roles with public companies or participating in penny-stock offerings.

Faulkner made frequent guest appearances on CNBC, Fox Business News and other outlets.

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