A man pleaded guilty to securities fraud for a plot to manipulate stock price. James T. Patten, 64, admitted to misleading trades in a bid to enrich himself and two co-defendants. He faces up to 20 years in prison and a fine of up to $5 million. Mr. Patten also pleaded guilty to a charge of conspiracy to commit securities fraud. Prosecutors say the scheme began in 2014 when the group opened Your Hometown Deli in Paulsboro, N.J. The group used accounts owned by others to make coordinated trades using stock from Hometown International and E-Waste, another company the three men controlled, causing its price to surge. The scheme caught the attention of traders in 2021 when Hometown International’s value soared to $113 million, even though the small deli made just $13,976 in revenue. E-Waste’s stock was inflated 19,900 percent, the U.S. attorney’s office said. The elder Mr. Coker, who was arrested in late 2022, is awaiting trial. His son was arrested in January.
Guilty Plea for Securities Fraud in New Jersey Deli Scheme
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