Petro America Corp. (fka PTRZ)

[scion]

Petro America trial is put off until October

By MARK DAVIS
The Kansas City Star
http://www.kansascity.com/2012/05/28/3631205/petro-america-trial-is-put-off.html

The scheduled June 4 criminal trial for Petro America Corp. founder Owen Hawkins and eight others has been continued until October.

A new trial date has not been set officially in the case, which the U.S. District Court in Kansas City has declared “extended and complex.”

Hawkins and the other defendants face felony charges related to the sale of Petro America shares. Federal prosecutors say the scheme defrauded thousands of investors of millions of dollars amid claims that Petro America was worth hundreds of billions of dollars, particularly in gold mines.

Backers have appeared at previous court sessions in support of Hawkins and the company. Many of its investors maintained their confidence in the company despite early federal efforts against its leaders.

According to the 64-page indictment that spells out the government’s case, Petro insiders gave shares to others, sometimes ministers, to sell, though none of the people were registered to sell investment securities. Others promoted Petro America’s story on weekly telephone conference calls and in private meetings.

Their efforts attracted small investors from Virginia to California, as well as from Canada and the United Kingdom.

Much of the money was diverted to personal uses, the indictment said. It said Hawkins, for example, bought a Mercedes, a Hummer H3, a Chrysler 300, a fur coat and 19 designer suits totaling $10,000.

Missouri securities regulators first acted against Petro and its officials in November 2008.

Five others have pleaded guilty to various felony charges.

To reach Mark Davis, call 816-234-4372 or send email to [e-mail].

http://www.kansascity.com/2012/05/28/3631205/petro-america-trial-is-put-off.html