Man Pleads Guilty in $100 Million New Jersey Deli Stock Fraud Scheme
A former stockbroker, James Patten, pleaded guilty to securities fraud in connection with manipulating the stock of a New Jersey deli company, Hometown International, which had a market capitalization of up to $100 million despite owning just one money-losing deli. Patten also admitted to conspiring to manipulate the share price of another shell company, E-Waste. The scheme involved coordinated stock trading and artificially inflated the stock prices of both companies. Patten's guilty plea may increase pressure on the other defendants, Peter Coker Sr. and Peter Coker Jr., to reach plea deals. Patten faces a maximum sentence of 20 years in prison and fines of $5.25 million.
- Man pleads guilty in stock fraud case involving $100 million New Jersey deli CNBC
- New Jersey Deli Scheme Leads to Securities Fraud Guilty Plea The New York Times
- Man pleads guilty in scheme to inflate securities value of N.J. deli to $100 million The Philadelphia Inquirer
- Hometown Deli Head Targeted by Einhorn Pleads Guilty to Fraud Bloomberg
- Feds: James Patten duped a friend at start of stock-manipulation scam Courier Post
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