Paulsboro High School wrestling coach, principal is CEO of $100 million company
PAULSBORO, New Jersey (WPVI) -- Paulsboro High School principal and wrestling coach Paul Morina is the CEO of a state of Nevada-based company with a valuation of more than $100 million, according to financial records.
The company is called "Hometown International," which owns one delicatessen, Your Hometown Deli, on Mantua Avenue in Paulsboro, New Jersey.
According to their latest report filed with the Securities Exchange Commission, residents say the deli did just $35,000 in sales over the past two years.
Records also show that Morina is the president, CFO, and more at the company.
Morina, who is also the company's treasurer and a director, has 1.5 million shares of the company's stock which closed Friday around $13.00.
Action News spoke Friday with Brandon Wendell, who is a chartered market technician and former hedge manager. He now works with WealthBuildersHQ.com.
"Well somebody has been pumping the price of the stock. I mean, it obviously has absolutely no value whatsoever," said Wendell.
Wendell says what's going on here looks like something he's seen before.
"It almost looks like to me as a SPAC type company, which is a special purpose acquisition company. What happens is a company goes public like this to pool money to eventually buy another business. But this looks suspicious," said Wendell.
The reason why he says things look suspicious is because there's no real value here.
"As an investor, you should be looking for something that you're paying a small multiple of what it's currently worth based on its current earnings or paying multiples based on what it's going to be worth in the future based on operations. This has none of that," added Wendell.
Wendell also says there's a variety of reasons why someone or people would want to do something like this, and there is likely going to be an SEC investigation next.
Action News tried reaching the coach but had no luck.
Morina is not accused of doing anything wrong, however.
