A father, son, and associate were charged with 12 counts of fraud for their involvement in a scheme that valued their small town deli at $100 million.
Three men, including a father and a son, were charged with 12 counts of fraud for their involvement in a scheme that valued their company over $100 million in the stock market despite its only source of profit being a small-town New Jersey deli., authorities announced the charges and arrests Monday of James Patten, 63, of Winston-Salem, North Carolina; Peter Coker Sr., 80, of Chapel Hill, North Carolina; and Peter Coker Jr., 53, of Hong Kong.
The charges for the three men included: conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices. Patten is also being charged charged with four counts of manipulation of securities, four counts of wire fraud, and a count of money laundering., which has an ongoing investigation into the matter, the three men collectively were also accused of market manipulation.
Patten and Coker Sr. were arrested and appeared in a North Carolina court Monday. Coker Jr. is still at large.
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