Pinellas man arrested in oil investment scheme

SAFETY HARBOR -- A Safety Harbor man has been arrested for a scheme state authorities say bilked investors out of more than $100,000.

Edward Bahl, 58, is in the Pinellas County Jail in lieu of a $125,000 bond after his April 21 arrest. The Florida Office of Financial Regulation charged Bahl with organized fraud and grand theft.

Bahl is accused of issuing promissory notes through his company, Global Petroleum Resources LLC, to fund the acquisition of a purported oil blending facility in the Gulf Coast region, according to officials. He allegedly promised investors they would receive their original investment plus interest at a rate of 25% to 50% within 90 days.

He collected a little more than $108,000 from four investors, which officials say were used instead to fund Bahl's personal lifestyle.

Bahl founded Global Petroleum Resources in 2006, according to his LinkedIn profile, moving it from Denver to Palm Harbor in 2008. He claims satellite offices in Atlanta as well as the United Kingdom, with additional offices planned for Durban, South Africa, and Dubai.

The Global Petroleum Resources website includes a section that “verifies” Bahl's identity to site visitors because “so many individuals in this industry make an attempt to misrepresent their true identity and then pretend to have the industry connections and personal network needed in order to be successful in this business.” The site also has what it calls a “Hall of Shame,” identifying companies Bahl claims misrepresented transactions or committed an act of fraud against his company.