3 Plead Not Guilty To $7M Petro Investment Scam

Law360, New York (July 01, 2011, 4:53 PM ET) -- Three individuals accused of participating in a $7 million fraud pled not guilty Friday in Missouri to peddling shares of bogus oil company Petro America Corp. to investors.

While other defendants have entered plea agreements with prosecutors, Allen Collins, Martin Roper and Curtis White pled not guilty to conspiring to defraud investors when selling unregistered Petro shares, a swindle largely perpetrated by a cadre of ministers in Missouri and Kansas.

Collins and Roper, members of the so-called Ministers Alliance, pocketed tens of thousands of dollars of...
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