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.