Individuals in Petro America Corp. Formally (OTCMKTS: PTRZ) Stock Scam Face Sentencing
Individuals convicted of crimes in the Petro America Corp. stock scam face sentencing in October and November. Petro America Corp formally trading under the symbol (OTCMKTS: PTRZ), was suspended from trading as per The Securities and Exchange Commission, in June 2009. In May 2013, a federal jury convicted the individuals on all counts in the stock fraud that began in local churches and grew internationally.
The founder and former CEO Isreal Owen Hawkins Jr. was convicted of securities fraud, aggravated currency structuring, money laundering, conspiracy and wire fraud. U.S. District Judge Brian Wimes is scheduled to sentence Hawkins at 9 a. m. Oct. 8 in U.S. District Court in Kansas City.
William Miller, was convicted of one charge each of money laundering, wire fraud and conspiracy, his sentencing is schedules for Oct. 8 by U.S. District Judge Brian Wimes.
Martin Roper was convicted of conspiracy; sentencing will also take place on October 8th by U.S. District Judge Brian Wimes in a separate session.
Johnny Heurung was convicted of one count each of wire fraud and conspiracy. An additional wire fraud charge was dismissed by U.S. District Judge Brian C. Wimes and was not weighed by the jury; sentencing is planned for October 9th
Teresa Brown was convicted of six counts of wire fraud, and one count each of securities fraud and conspiracy, sentencing is expect to take place in October 11th.
Nine others who were charged in the case pleaded guilty to conspiracy, they are awaiting sentencing set in October and November.
Prosecutors said the scam took in more than $10 million on false claims that Kansas City-based Petro America was worth $284 billion.© Copyright 2014 OTC News Magazine. All rights reserved.