To help you understand, there are two companies named "Petro America Corp" One incorporated in Kansas (associated by the term "church shares") and the other one incorporated in Delaware.( the original name American Southwest Music Distribution, Inc. was changed to Petro America Corp) Please note that the name change was not reported to the SEC or was the change of CEO from Chris Lotto to Owen Hawkins! Because no 14C (click here for an example)was filed, the SEC still has them listed as American Southwest Music Distribution, Inc. http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=0001122771&filenum=&State=&SIC=&owner=include&action=getcompany
You may wonder why all the boards started using Petro America Corp PTRZ (formally ASWD) When the SEC still has them listed as American Southwest Music Distribution, Inc. Well another regulatory authority oversees Stock symbols! FINRA and Owen Hawkins acting as the CEO of American Southwest Music Distribution, Inc. applied for a symbol and name change and FINRA granted it without knowing what Owen was up to. A new law has been passed that will hopefully prevent such shenanigans from happening in the future:
You should read the entire rule, Since Owen or Chris Lotto didn't file the required paperwork its hard for us to tell if "highjacking" occured. According to the affidavit Owen took over ASWD by buying the controlling majority shares. Your right "What a Mess" Oh what a web has been woven to deceive?
Fraud is the intentional perversion of truth for the purpose of inducing another in reliance upon it to part with some valuable thing belonging to him or to surrender a legal right. Fraud is synonymous with bad faith and dishonesty. Black’s Law
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