Commission halts trading of revolutionary 'The Peoples Company'
Petro America Corp. founder and Chief Executive Officer Owen Hawkins decided several months ago to launch a company that would allow for the everyday Americans to not just suffer of brunt of Wall street, but become players and beneficiaries.
It was a watershed moment for small time investors, churchgoers, retirees and citizens who are the fabric of what has made this nation great.
Many of the shareholders of Petro America Corp bought thousands of shares for as little as $100, the company was founded under Safe Harbor Laws of 1933, 1934 and 1995 which allowed for it to distribute to the public news releases to solicit and attract investors.
Many of the first shareholders of the majority minority owned and operated company are now serving as CEO and president of the corporation's divisions and subdivisions and in a melting and pessimistic economy Petro America Corp has created thousands of jobs and opportunities for financial security for countless citizens.
Under its umbrella it had acquired several companies including its recent acquisition of 24 percent of Arizona Gold Mine.
Then in a monumental landmark for the corporation it had finally reached its goal of trading publicly and its shares opened at a respectable $1.50 per share, further validating its purpose and intent.
However, the excitement of Hawkins and Petro America Corp shareholders became short lived when the Security Exchange Commission ordered that Kansas City based Petro America Corp shares traded publicly to be stopped.
Hawkins, shareholders, including its prominent ministers alliance were outraged at the decision.
"This is arbitrary and capricious and not in accordance with the law nor is it fair to Petro America Corp. shareholders," argued Hawkins.
The African American Ministers Alliance Group have requested a meeting with President Obama, asking that he use powers vested in him under the 1934 SEC Act to reverse the suspension of the public trading.
Although, Petro America Corp. may be allowed to continue trading after 10 days, Hawkins says that the SEC decision has hurt the credibility of the company.
As the head of the ministers alliance put it, "Petro America Corp is indeed The People's Company that will lead the movement to bring America together for economic prosperity," stated Pastor Ron McGowan.
Something that in itself should be applauded and celebrated during these most delicate times.