The SEC alleges a Permian Basin fracking company defrauded investors in order to set up a Ponzi scheme and buy a private jet, a helicopter, and Bahamian real estate. Heartland Group Ventures LLC would hardly be the first oil and gas company accused of spending shareholders’ money unwisely, but the federal regulators say the company crossed the line when it allegedly generated less than $500,000 in revenue after raising $122 million from more than 700 investors. Rampant pollution, especially methane, is a major problem in the Permian Basin. (Bloomberg $)