Prosecutors Give Opening Statements in Federal Case of Company Accused of Bilking Investors of More Than $7M

Federal prosecutors say a Kansas City, Kan., man and four other people continued to sell stock in a Kansas City, Mo., company for two years after Missouri regulators ordered them to stop.

Prosecutors said in their opening statements that many of the investors were poor, elderly churchgoers who were persuaded by their pastors to buy the company's stock.

Company founder Isreal Hawkins and four others are on trial in federal court, accused of bilking 14,000 investors out of more than $7 million by selling worthless stocks in Petro America, an oil and mining company.

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Prosecutors Give Opening Statements in Federal Case of KC Company Accused of Bilking Investors