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Replies to post #11952 on Petro America Corp. (fka PTRZ)
flaflyersfan
01/13/11 12:14 AM
#11954 RE: dhrr06 #11952
Putting Assets on Petro’s Books 12. It was further part of the conspiracy that, in order to keep early investors placated and to attract new investors, HAWKINS, BROWN, HEURUNG and others attempted to swap additional Petro stock in order to claim that Petro had tangible assets.
22. It was further part of the conspiracy that, in the spring of 2010, MOORE drove from Atlanta to Kansas City to prepare tax returns for Petro America. HAWKINS and MOORE prepared the returns together, working from Petro’s incomplete financial records and from information that HAWKINS provided orally to MOORE. Nonetheless, both HAWKINS and MOORE signed and filed the returns, which contained false, misleading, and incomplete information. They also provided copies to the U.S. Attorney’s office. HAWKINS paid MOORE for the work. Petro’s 2007 return showed $150,000 in assets and taxable income of $3,545. Petro’s 2008 return showed $81,101,654 in assets and a loss of $104,642. Petro’s 2009 return showed $284 billion in assets but taxable income of only $9,334. For the three years in total, MOORE and HAWKINS listed a loss of $91,763 in aggregated income totals for Petro. The returns fraudulently included income actually generated by Performance Packaging that was not distributed to Petro America.