Two ministers plead guilty in alleged Petro America scam; eight more people indicted

The alleged Petro America scam is beginning to unravel in federal court. Earlier this week, two ministers pleaded guilty to their roles in a $7.2 million securities fraud conspiracy that victimized more than 12,000 investors who bought shares in the company. And just last night, eight more people were indicted.

The Rev. Edward Halliburton of KCK and Joseph Harrell of Waco, Texas, admitted that they conspired with others and that each pulled in about $400,000 through the fraudulent sale of Petro America stock by making misrepresentations and omissions to investors.