Two More Plead Guilty in Petro America Fraud Case
KANSAS CITY(AP)- Two more people have pleaded guilty to federal conspiracy charges related to a Kansas City, Mo., company accused of bilking investors out of $7.2 million by promising vast wealth in return for modest investments.
Teresa Hill entered her plea on Wednesday, and Allen Collins pleaded a week earlier. The two 56-year-olds admitted selling shares and collecting money from investors in Petro America Corp. during regular shareholder meetings, then giving the money to the company's founder.
Both face up to five years in prison and have promised to cooperate with the government in a case that goes to trial June 4.
Prosecutors say many of the investors were poor and elderly residents who were told by their ministers that Petro America was a "blessing from God."