"Frequently, Collins would pass along information about Petro that he got from a co-conspirator, including that Petro had oil assets and added 30 to 40 gold mines. He would claim that Petro bought and sold oil, and that it had a packaging plant. While much of the time Collins simply repeated information to investors that he had heard from others, he knew that it was incomplete and potentially misleading," U.S. Attorney David M. Ketchmark said in a press release.
A retired welder, Collins was part of the Kansas City-based Minister's Alliance which was a group of about 15 clergymen that pushed Petro stock on its flocks. An October 2010 Pitch piece examined just how heartless the ministers' scheme was.
Collins faces up to five years in prison and fines up $250,000 plus restitution.
