'Frack Master' Pleads Guilty In $80M Oil & Gas Scam

Prosecutors say 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 an $80 million scam.

Christopher A. Faulkner, 41, 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 said 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.

The Associated Press contributed to this report.