Billy Marcum Jr.

What the public record shows

Billy Marcum Jr., 67, of Fort Worth, Texas, pleaded guilty in December 2022 to wire fraud and was sentenced to 210 months (17.5 years) in prison with more than $16 million in restitution. This is a criminal conviction — not an allegation.

The scheme

According to the U.S. Attorney’s Office for the Northern District of Texas:

• Marcum owned a string of oil-and-gas companies — Navarro Minerals, Caddo I, Bluecreek Operating, Fullspike Energy, Viejo Services, and Viejo Exploration — and told investors their money would buy oil-and-gas leases and fund well repairs, with returns paid from oil-and-gas sales.
• Instead, he ran a Ponzi scheme: using new investors’ money to pay earlier investors, and diverting funds to personal expenses.
• He fabricated reports of oil production and sales and sent them to investors to keep the scheme alive.

Why we rate this 1 / 10 — Avoid

A guilty plea and a 17.5-year sentence. Oil-and-gas “lease” and “drilling” deals are a classic fraud vehicle — the operations are remote, opaque, and easy to fake on paper.

How to check an oil-and-gas deal

• Verify the leases and wells exist in state records (e.g., the Texas Railroad Commission) and are actually held by the entity taking your money.
• Be wary of fabricated production reports — demand independent, third-party verification of output and sales.
• Check the promoter’s history with the SEC and your state securities regulator.

Bottom line

Convicted and sentenced to nearly 18 years. “Guaranteed returns from oil-and-gas leases” backed only by the promoter’s own paperwork is a Ponzi waiting to be named.

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