Teresa Hill, Petro America scam artist, pleads guilty

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Petro defendents are dropping fast.
  • Petro defendents are dropping fast.
Another week, another Petro America scam leader pleads guilty. Kansas Citian Teresa Hill, 55, pleaded guilty today for her role in a nationwide $7.2 million securities fraud conducted largely through churches. Acting U.S. District Attorney David M. Ketchmark released a statement today saying Hill was responsible for signing up investors, even though she wasn't licensed to sell securities.

"Initially, team leaders like Hill would hold their own small meetings with the shareholders they brought in. In September 2008, conspirators began holding weekly meetings for all shareholders," Ketchmark said. "Hill encouraged her shareholders to attend the meetings, where they could buy additional shares. When shareholders gave Hill cash — up to $2,500 in collections - she put the money in an envelope and gave it to a co-conspirator later that night."

Hill - the fifth person in the Petro fraud to plead guilty - faces up to five years in federal prison without parole and a fine of up to $250,000, and she could be required to pay restitution.

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