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Man pleads guilty in stock fraud case involving $100 million New Jersey deli - TL;DR CNBC

Man pleads guilty in stock fraud case involving $100 million New Jersey deli

Publishing timestamp: 2023-12-21 10:42:44


Summary

James Patten, a North Carolina resident, pleaded guilty to securities fraud charges related to manipulating stock prices of Hometown International, a publicly traded company with a small deli in New Jersey. Two other men, Peter Coker Sr. and Peter Coker Jr., are also charged in the case. Patten admitted to conspiring with the two men to manipulate the share price of another shell company. The scheme involved coordinated stock trading and artificially inflated the stock prices of both companies. Patten's guilty plea could put pressure on the Cokers to reach plea deals. The case gained attention after CNBC reported on the questionable connections and consulting deals of the companies. Patten faces a maximum sentence of 20 years in prison.


Sentiment: MIXED

Tickers: HWINEZRG

Keywords: politicscollusionlawshometown international inccrimecorruptionezraider cobreaking news: marketsbreaking news: politicsretail industrybusiness newsbreaking news: businessmarketssecurities fraudrestaurants

Source: https://www.cnbc.com/2023/12/21/guilty-plea-in-100-million-new-jersey-deli-stock-fraud-case.html


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