Men charged in stock fraud case involving a small-town NJ deli are set to appear in federal court

by | Oct 11, 2022 | Business

Two men accused in an alleged stock-manipulation scheme involving a small-town New Jersey deli are set to appear Tuesday morning at a federal courthouse that’s about a 20-minute drive from the now-closed shop at the heart of the case.Peter Coker Sr., 80, and James Patten, 63, who were arrested by federal authorities last month in North Carolina, are set to show at the U.S. District Court in Camden, New Jersey, just over the bridge from Philadelphia.The two are accused of several federal crimes, including fraud, for allegedly pumping up the value of a publicly traded company that achieved a market capitalization of more than $100 million last year despite having only Your Hometown Deli in Paulsboro, New Jersey, to its name. The deli made less than $40,000 in sales a year.Federal prosecutors have described the case as a tale of international fraud and betrayal. Peter Coker Jr., 53, the son of Coker Sr., is based in Hong Kong and is considered at large. Federal authorities sought to jail Coker Sr. before agreeing to a conditional release. The Securities and Exchange Commission also sued the men in civil case over the alleged plot.The men were charged for their involvement in Hometown International and a similar shell company called E-Waste. Prosecutors alleged that the men sought to enrich themselves …

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