From Crude Energy and Patriot Energy, Faulkner diverted $13.8 million in investor funds and took $6.1 million in cash disbursements and nearly $7.7 million in personal American Express card charges. Further, the companies paid more than $4 million in personal expenses through their bank accounts. Faulkner used all of this money to finance a lavish lifestyle that included high-end vehicles, expensive jewelry, art, home improvements, clothing, professional concierge services and charter flights.
Faulkner faces a maximum statutory penalty of 35 years in federal prison and a $750,000 fine.
