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This deli made too much bread not to attract attention.<\/p>\n
In September of 2023, North Carolina businessman Peter L. Coker Sr.<\/a>, his son Peter Coker Jr., and a third accomplice, James T. Patten, pled guilty<\/a> to securities fraud in a scheme that falsely valued their single-location New Jersey-based Hometown Deli at $100 million.<\/p>\n The Cokers and Patten artificially inflated the price of two companies, Hometown International, which owned the deli, and E-Waste, to make them more appealing to private firms. It was later revealed that Hometown only owned one money-losing deli, and E-Waste was not operating in any capacity.<\/p>\n Related: <\/b>Reality Stars Are Sentenced To Prison For a ’15-Year Fraud Spree’<\/a><\/p>\n Today, Coker Sr., 82, was sentenced Tuesday to six months in prison and ordered to serve six months of home confinement after his release. He will also be required to pay a $500,000 fine and up to $644,000 in restitution, reports CNBC<\/a>.<\/p>\n “I’m terribly sorry for my part,” Coker Sr. said at his sentencing. “This episode has been the worst time of my life.”<\/p>\n “I’m sorry for every investor harmed by my actions,” he added.<\/p>\n Related:<\/b> ‘We Got Back to Work’: Kevin Bacon Opens Up About Losing ‘Millions’ in Bernie Madoff’s Ponzi Scheme<\/a><\/p>\n Coker Jr. and Patten’s sentencing will follow. After his initial arrest in 2022<\/a>, Coker Jr. went on the run and was found hiding in a hotel room in Thailand’s Phuket province. He will face deportation after he serves his sentence, per CNBC.<\/p>\n “This was a fraudulent scheme from the inception,” Judge Christine O’Hearn said at the start of the hearing. She labeled the companies worthless and said she “learned more than I ever care to” about their fraudulent operations.<\/p>\n<\/div>\n This deli made too much bread not to attract attention.<\/p>\n In September of 2023, North Carolina businessman Peter L. Coker Sr.<\/a>, his son Peter Coker Jr., and a third accomplice, James T. Patten, pled guilty<\/a> to securities fraud in a scheme that falsely valued their single-location New Jersey-based Hometown Deli at $100 million.<\/p>\n The Cokers and Patten artificially inflated the price of two companies, Hometown International, which owned the deli, and E-Waste, to make them more appealing to private firms. It was later revealed that Hometown only owned one money-losing deli, and E-Waste was not operating in any capacity.<\/p>\n<\/div>\n