Fraud Alerts Int'l.

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Jan
10

Jim Frazier

JIM FRAZIER

IFA: OFFICIAL PRESS RELEASE

DBA: Orbit Petroleum/Pyramid Petroleum
(Operates out of Oklahoma City, Irving/Houston Texas, New Mexico, Calgary Alberta)
Jim Frazier and his companies will steal your money. In this case he defrauded his victim for nearly $200,000.00. Numerous other victims where also taken for nearly $2,000,000.00 (Accused of stealing in excess of two million U.S. dollars) Jim Frazier will promise incredible returns on Oil Well Investments, pocket your money & you will never hear from him again.

Offense Summary:

The Complainant, a resident of the state of Georgia, advises that he was victimized by a subject identified as Jim Frazier, President of Orbit Petroleum (pictured above) at the time operating out of Oklahoma City, Oklahoma. The victim alleges that Jim Frazier did in fact knowingly steal and/or by deceptive means defraud him in the amount of $187,500.00 (One Hundred Eighty Seven Thousand Five Hundred U.S. Dollars).

www.orbitpetro.com

In late 2006, Jim Frazier solicited the victim regarding what Jim Frazier referred to as an incredible investment opportunity in an oil well project located in New Mexico. At the time the victim had been looking for a secure investment to assist with paying for tuition for his two children who were attending college.

Jim Frazier delivered and investment prospectus and supporting geological survey documentation on a particular project he referred to as the “Chavaroo Oil Field” in New Mexico. Over the course of the next several weeks he contacted the victim numerous times by way of phone, fax, email and U.S. Postal Service.

Jim Frazier enticed the victim by promising that there was NO way to lose, as the investment was “full proof”. Jim Frazier assured that leases of the Chaveroo site secured the investment and that the leases value far exceeded the amount of the investment.

The pitch and the prospectus indicated that the investment was divided into “Units” and that each “Unit” had an actual value of $70,000.00. In fact in follow-up correspondence Jim Frazier indicated that each Unit had an actual value of $76,227.00. However, Jim Frazier purported that in order to raise the necessary operating capitol for the bountiful Chavaroo oil field the Units were being offered at a reduced rate of $37,500 each.

Further, Jim Frazier Guaranteed the units were to produce a return of $1,000.00 per month each. Jim Frazier called this investment scheme “OPPJV” (Orbit Petroleum, Partnership Joint Venture). The investigation into this matter has uncovered an important piece to the puzzle in relationship to the value of the “Units” that Jim Frazier represented to the victim.

In February of 2008, a “RICO” lawsuit was filed in the United States District Court in the Central District of California. The complaint surrounds this very same scam that Jim Frazier and his Co-Conspirators played on a separate group of people. The “Complaint” alleges that between April 2006 and July 2006, Jim Frazier was instrumental in the inducement of 16 different victim for a total of $2,288,000.00 (Two million two hundred and eighty eight thousand U.S. Dollars)

In this situation Jim Frazier and company pitched that there existed 100 “Units” in the Orbit OPPJV each having a value of $100,000.00. Ultimately Jim Frazier and his cronies induced these victims into buying a total of 26 “Units” at a price of $88,000.00 each. As in the case with our victim the Federal Court record indicates that the money was converted and stolen, leaving the victims with nothing.

In December of 2006, Jim Frazier had finally convinced the case subject victim that this scam was legitimate and he wired Jim Frazier $187,500 which amounted to his children’s entire college fund. In exchange for this investment the victim was to receive 5 units and immediately begin receiving $5,000.00 a month in returns, but none ever came to fruition.

The Share Price of Orbit Petroleum as of January 2009 was $.07 a share.

By July of 2007, Orbit Petroleum entered into bankruptcy proceedings in New Mexico. Further, at about the same time Jim Frazier sold the Chaveroo oil field Leases that supposedly secured the victim(s) investment to Ridgeway Petroleum, who subsequently changed their name or “EOR” (Enhanced Oil Recovery), for a measly $600,000.00 which amounts to about 6% of the value that Jim Frazier had stated in writing.

enhancedoilres.com

Investigation has shown that Jim Frazier has left a path of financial destruction for numerous individuals and companies. A source at Tipton Oil advised that they had originally had been hired by Jim Frazier to operate the Chavaroo field however Jim Frazier made no real attempt to make the Chavaroo site a legitimate operation and that his claims of the potential production were nothing more than embellishments to entice unsuspecting victims. Tipton also said that Chavaroo had been all but pumped dry and more or less shutdown for lack of production.

Further, the Tipton source stated Jim Frazier defrauded their company out of literally millions of dollars. They also say that once Jim Frazier had begun the bankruptcy in New Mexico, he began selling off assets of Orbit in violation of Federal Bankruptcy Law.

Tipton has filed Lawsuits against Jim Frazier who has been represented in court by a John Green an attorney who works for another oil company called, Pyramid Petroleum.

pyramidpetroleum.com

Pyramid has since hired Jim Frazier as their Cheif Financial Officer.

Tipton oil sources speculate that Pyramid may have become involved with Jim Frazier in order to place themselves in a position to absorb some of Jim Frazier or Orbit’s ill-gotten assets. All attempts to contact Jim Frazier, Orbit Petroleum, Mike Myers (current president of Orbit) and Pyramid have been ignored by all.

www.orbitpetro.com/

A source at GlobalAdvocates.ch advises that they were asked by the victim in November of 2008 to investigate and advocate as his behalf. They believe that the evidence will show that Jim Frazier violated numerous state and federal laws.

Alleged Federal Crimes/Offenses committed*:

Mail Fraud-(Title 18, USC, Section 1341)

Wire Fraud-(Title 18, USC, Section 1343)

Securities Fraud-(Title 28, USC, Section 1658)

Money Laundering-(Title 18, USC, Section 1956)

Tax Evasion-(Title 26, USC, Section 7201)

RICO-(Title 18 USCA, 1961)

Bankruptcy Fraud-(Title 18, USC, Section 157

Bottom-line WARNING to the public, BEWARE of Jim Frazier. This man will attempt to induce you into oil well investments and it appears to be nothing more than a scam! Jim Frazier will take your money laughing all the way to the bank, leaving you broke as he did the victim in this case and numerous others.

Jim Frazier is described as follows:
Race: Caucasian, ruddy/pasty complexion
Height: 5’10-6’00
Weight: 210 lbs
Build: Stocky
Age: 45 yoa
Red Hair & Blue Eyes

If you have any information that will assist in the arrest and conviction of this criminal, or if Jim Frazier too has victimized you, send us an email. Also, please report your case to your local, state and federal authorities. Help us put stop to this scam artist from damaging anyone else!!

{Allegations are substantiated/evidenced and are on file with an independent investigative entity}
Contact us at [email protected] or email us via our “contact us” page.

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