So-called 'Frack Master' pleads guilty in Dallas to fraud

A Dallas businessman who dubbed himself the "Frack Master" and went on TV to discuss oil and gas has pleaded guilty to fraud and tax evasion charges in what regulators called an $80 million scam.

Forty-one-year-old Christopher A. Faulkner entered his plea Tuesday in Dallas after reaching a deal. He faces up to 12 years in federal prison and possible repayment of investors.

Prosecutors say that between 2011 and 2016, Faulkner raised about $71 million from working interest investors, plus millions more related to potential royalties, then diverted $23 million for himself.

He was arrested in June at Los Angeles International Airport.

A Securities and Exchange Commission lawsuit against Faulkner was settled Tuesday. He must repay nearly $24 million.