New Jersey Deli Stock Fraud: Cokers and Patten Plead Guilty
In a stunning case of financial deception, Peter Coker Sr., Peter Coker Jr., and James Patten have pleaded guilty to charges of securities fraud and conspiracy to commit securities fraud. This high-profile case centered around the manipulation of stock prices for Hometown International, formerly known as Your Hometown Deli, and a shell company called E-Waste.
Details of the Scheme
From 2014 to September 2022, these individuals orchestrated a complex scheme to artificially inflate the prices of both companies’ stocks. Through coordinated trading, they created a false sense of demand, driving up the price of Hometown stock by over 900% and the price of E-Waste by nearly 20,000%.
The Cokers and Patten gained control of the companies, aiming to use them as vehicles for reverse mergers with privately held entities. Both companies were ultimately merged in such deals, further perpetuating the fraud.
Sentencing and Plea Deals
Facing charges, the defendants reached agreements with federal prosecutors that stipulate a certain range for their prison sentences.
- Peter Coker Sr., 82, could face zero to two years in prison.
- Peter Coker Jr., 56, could see a sentence of 30 to 50 months.
James Patten, who pleaded guilty in December 2023, accepted the same terms. It’s important to note that these agreements are non-binding, and the final sentence rests with the judge.
Current Status and Next Steps
While both Cokers are scheduled to be sentenced in the coming months, Peter Coker Jr. will face his sentencing hearing on April 2nd, having been held without bail in the Essex County, New Jersey, jail since his extradition from Thailand. Peter Coker Sr. is currently free on bond and will be sentenced on May 13th.
Stay Informed
This case continues to unfold, and Archynetys will provide updates as more information becomes available. Subscribe to our newsletter and follow us on social media to stay informed on the latest developments in the New Jersey Deli Stock Fraud case.