Oilfield CEO Sentenced to Federal Prison After Defrauding Investors of Millions

ODESSA, TX –– A federal judge has sentenced the owner of San Jan Oilfield Services to 15 years in prison after he defrauded investors out of more than $18 million.

Back in 2017, San Jan suddenly closed its doors and left nearly 400 employees without a job. At the time CEO James Clint Fletcher blamed multimillion-dollar embezzlement for the closure.

“We love our people, it’s very hurtful how one person can disrupt something that means so much to us not only on business level but on a personal level,” Fletcher said at the time. "Numbers were off, activities were off and one of our AR credit lenders reached out to us and we talked to them and went over some stuff and that’s when we realized some real foul play was going on."

According to court documents, 45-year-old Fletcher defrauded more than two dozen family members, friends, and business associates out of millions for three years.

In an investigation conducted by the IRS and the FBI, authorities determined Fletcher used the nearly $18 million to purchase a $1 million home in Oddesa, a vacation home at a Texas resort, and expensive vehicles. The vehicles included a Range Rover, Mercedes-Benz, and a GMC Yukon Denali.

Fletcher was also a compulsive gambler and took frequent trips to Las Vegas using a private plane. He also used the money on "extravagant" hunting trips.

Fletcher pleaded guilty to one count of conspiracy to commit wire fraud and one count of willful failure to pay employee tax withholdings to the IRS. He was sentenced to 15 years in prison.

U.S. District Judge David Counts ordered Fletcher to repay $18,279,111 in restitution to the victims and $1,177,231 to the IRS.

“Fletcher leveraged his relationships with family, friends, and acquaintances to steal their hard-earned money and feed his endless greed,” said U.S. Attorney Ashley C. Hoff. “The magnitude of the millions in losses was only rivaled by his increased willingness to betray those who placed their trust in him. Working with our law enforcement partners, the U.S. Attorney’s Office will continue to seek justice for victims of financial fraud.”