Guilty Plea for Securities Fraud in New Jersey Deli Scheme

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.

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Unlikely Industry Player Anguilla Profits Big from A.I. Boom

Artificial intelligence’s integration into everyday life has stirred up doubts and unsettling questions for many about humanity’s path forward. But in Anguilla, a tiny Caribbean island to the east of Puerto Rico, the A.I. boom has made the country a fortune. The British territory collects a fee from every registration for internet addresses that end […]

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China Surpasses U.S. in A.I. Talent: A Key Metric

China lags behind the United States in artificial intelligence that powers chatbots like ChatGPT but excels in producing scientists behind new humanoid technologies. New research reveals that China has surpassed the United States as the biggest producer of A.I. talent. The country generates almost half the world’s top A.I. researchers, compared to 18 percent from […]

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Brands Brace for Impact as TikTok Faces Criticism

Amid debate in Washington over whether TikTok should be banned if its Chinese owner doesn’t sell it, one group is watching with particular interest: the many brands — particularly in the beauty, skin care, fashion, and health and wellness industries — that have used the video app to boost their sales. Youthforia, a makeup brand […]

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