I agree with you that Johnny is very much guilty of fraud also. At the very least I would expect him to get the same treatment as Brian Langenbach and be forced to pay restitution and some fines. There is still a lot going on behind the scenes and by no means are the regulators done investigating and deciding on who to charge with what crimes.
The investigators in 2008 didn't do nothing. Don't forget that in 2008 the state of Missouri issued a Cease and Desist Order. They told Owen Hawkins that Petro America Corp was no longer allowed to offer any more securities. On top of that they later fined the company $41,660.00 which was never paid. Owen and everybody that continued to sell shares after that did it against the Order by the state of Missouri.
The information about the Cease and Desist Order was available for investors that took the time to research Petro America Corp before investing. The Order made it very clear that Petro America Corp shares were unregistered. It would have been very nice if the US Attorney's Office had ended up pressing charges against Owen sooner and put an end to this alleged scam sooner. Unfortunately, the legal system seems to move slowly in securities cases. That's what people kept saying and I guess they were right.
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