Guilty Plea in $100M Stock Fraud Scheme Involving New Jersey Deli

James Patten, a North Carolina man, has pleaded guilty to securities fraud and conspiracy charges for orchestrating a market manipulation scheme involving a New Jersey deli and two companies. Patten, along with two co-defendants, allegedly manipulated stock prices by injecting false information into the marketplace, creating phony impressions of supply and demand. The scheme involved using the deli as a front for an alternative securities trading scheme. The stock prices of the companies involved soared, with the deli being valued at $100 million despite having only one asset. Patten's sentencing is scheduled for April 2024, while the cases of his co-defendants are still pending.