A convicted fraudster who helped make a New Jersey deli value $100 million on paper is now heading to jail, once more. James Patten was sentenced to 21 months for his function in manipulating shares of Hometown International, the mum or dad firm of Your Hometown Deli in Paulsboro, New Jersey, CNBC experiences. Patten and co-conspirators Peter Coker Sr. and Peter Coker Jr. inflated Hometown’s stock by 939%.
The rip-off was designed to make the businesses enticing shells for reverse mergers with non-public firms seeking to go public. But the plan fell aside after hedge fund supervisor David Einhorn flagged the deli’s weird valuation to purchasers in 2021, joking, “The pastrami must be amazing.” A CNBC investigation related Patten’s historical past of prior fraud convictions to the deli’s possession.
Patten’s co-conspirators already served their sentences, six and 40 months respectively. The deli itself, run by a highschool wrestling coach who had no thought he was a part of the rip-off, stopped promoting pastrami again in 2022.
A convicted fraudster who helped make a New Jersey deli value $100 million on paper is now heading to jail, once more. James Patten was sentenced to 21 months for his function in manipulating shares of Hometown International, the mum or dad firm of Your Hometown Deli in Paulsboro, New Jersey, CNBC experiences. Patten and co-conspirators Peter Coker Sr. and Peter Coker Jr. inflated Hometown’s stock by 939%.
The rip-off was designed to make the businesses enticing shells for reverse mergers with non-public firms seeking to go public. But the plan fell aside after hedge fund supervisor David Einhorn flagged the deli’s weird valuation to purchasers in 2021, joking, “The pastrami must be amazing.” A CNBC investigation related Patten’s historical past of prior fraud convictions to the deli’s possession.
Patten’s co-conspirators already served their sentences, six and 40 months respectively. The deli itself, run by a highschool wrestling coach who had no thought he was a part of the rip-off, stopped promoting pastrami again in 2022.