1 of 3 men involved in NJ deli scheme pleads guilty

PAULSBORO, New Jersey (WPVI) -- One of three men accused in a $100 million scheme involving a South Jersey deli has pleaded guilty in federal court.

James Patten was charged with securities fraud and conspiracy.

He admitted to manipulating the shares of a holding company for Hometown Deli in Paulsboro.

ALSO SEE: Fugitive wanted in NJ deli fraud scheme arrested in Thailand

It gained national attention last year, because the publicly traded business had less than $40,000 in annual revenue, and yet somehow was worth $100 million.

Earlier this year, Peter Coker, Jr., was taken into custody in Thailand after being on the run for months. Peter Coker, Sr., was also arrested for his alleged involvement in the scheme. The Cokers are facing similar charges as Patten.

According to authorities, 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."

As part of the scheme, the three men allegedly targeted two publicly traded companies - Hometown International Inc. and E-Waste Corp. The deli in Paulsboro was a subsidiary of Hometown International.

Patten's sentencing is set for April.