the staff of the Ridgewood blog
Paulsboro, NJ, Hometown Deli is back in the news again with the arrest of Peter Coker Jr., 54. Coker a fugitive charged over an alleged market manipulation scheme in which a small New Jersey deli mysteriously drew a $100 million valuation was arrested last week in Thailand . Coker had been on the lam since last September, when prosecutors slapped him, his father, Peter Coker Sr., 80, and associate James Patten, 63, with 12 federal charges.
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The trio allegedly boosted the share prices of Hometown International Inc. and another firm, E-Waste Corp. Hometown Deli was located in Paulsboro NJ.
Matthew Reilly, a spokesperson for the New Jersey US Attorney’s Office, confirmed that Coker Jr. was arrested on Jan. 11. The office declined further comment on the situation.Coker Jr. was arrested last week at a hotel near Surin Beach in the Phuket province of Thailand, the Bangkok Post reported, citing local officials. Interpol had issued a red notice calling for his arrest.
Hometown International raised eyebrows after it drew a nine-figure valuation even though its only asset was “Your Hometown Deli” in Paulsboro. The feds allege that Coker Jr. and his co-conspirators managed to “artificially” inflate the company’s stock by 939%.
Patten and Coker Sr. were arrested in September, when US Attorney Philip R. Sellinger first announced the charges, which include conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices. Patten was slapped with additional charges, including money laundering and wire fraud.
According to documents filed in this case and statements made in court , from 2014 through September 2022, Patten, Coker Sr., and Coker Jr. conspired to enrich themselves through a scheme to manipulate securities prices via a pattern of coordinated trading, which injected inaccurate information into the marketplace, creating false impressions of supply and demand for these securities.
Prosecutors said the trio used fake trades to create the impression that shares of the two firms were hot with investors.