Federal Prosecutors Seek Reduced Sentence for $100M New Jersey Deli Fraudster
Federal prosecutors recommend 12-18 months for James Patten, who pleaded guilty to securities fraud in a $100 million stock manipulation scheme involving Hometown International, a company owning a single unprofitable New Jersey deli, and E-Waste. The recommendation is far below the 70-87 month guideline, citing sentencing disparities with co-defendants. Three pages of the submission are redacted, likely for cooperation details. Patten, 65, is sentenced July 21 in Camden, New Jersey.
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James Patten sentenced to 21 months in $100M New Jersey deli stock fraud case
James Patten, 67, was sentenced to 21 months in prison for orchestrating a stock manipulation scheme that artificially inflated the valuation of Hometown International, a company owning a single money-losing New Jersey deli, to $100 million. Patten pleaded guilty to securities fraud in December 2023. Judge Christine O'Hearn cited his prior federal fraud conviction and the fact that he initiated the scheme while on supervised release. Despite his request for no prison time, the judge imposed a 21-month term, noting his substantial cooperation in prosecuting co-conspirators Peter Coker Sr. and Peter Coker Jr., who have already served their sentences. Patten is jointly liable for over $5.5 million in restitution, with 95% owed to Duke and Vanderbilt universities. The scheme involved fraudulent trades inflating stock prices by 939% and 19,900% to facilitate reverse mergers.
James Patten sentenced to 21 months in $100M New Jersey deli stock fraud case
James Patten, 67, was sentenced to 21 months in prison for his role in a brazen stock manipulation scheme that artificially inflated the market capitalization of Hometown International, a company owning a small New Jersey deli, to $100 million. Patten pleaded guilty to securities fraud in U.S. District Court in Camden, New Jersey. He and co-conspirators Peter Coker Sr. and Peter Coker Jr. admitted to manipulating the stock prices of Hometown International and a shell company, E-Waste, by 939% and 19,900% respectively, to make them attractive for reverse mergers. Patten, who had a prior mail fraud conviction, had requested no prison time, while prosecutors sought 12-18 months. The scheme was uncovered after hedge fund manager David Einhorn highlighted the deli's bizarre valuation in a 2021 letter.
New Jersey Deli Fraud Defendant James Patten Seeks No Prison Time Despite Prior Conviction
James Patten, the last defendant to be sentenced in the $100 million New Jersey deli stock manipulation case, is asking a federal judge for no prison time, citing his co-defendant Peter Coker Sr.'s short sentence of six months incarceration and six months home detention. Patten, who has a prior felony conviction for mail fraud and served 27 months in prison, pleaded guilty to securities fraud in December 2023. Prosecutors have recommended a sentence of 12 to 18 months, far below the 70-87 months suggested by federal guidelines. The scheme involved artificially inflating the share prices of Hometown International, which owned a single money-losing deli in Paulsboro, New Jersey, and E-Waste, a shell company. Patten's lawyer cited his client's remorse, seizure history, and current employment at Coca-Cola as reasons for leniency. Sentencing is scheduled for July 21, 2026.
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Feds Seek Shorter Prison Term for $100M New Jersey Deli Fraudster
Federal prosecutors are recommending a prison sentence of 12 to 18 months for James Patten, who pleaded guilty to securities fraud in a $100 million stock manipulation scheme involving Hometown International, a company that owned a single unprofitable deli in New Jersey. This is far below the advisory guideline range of 70 to 87 months. Prosecutors cited the need to avoid unwarranted disparities, noting co-defendants Peter Coker Sr. (6 months) and Peter Coker Jr. (40 months) received lighter sentences. Three pages of the sentencing submission remain redacted, likely due to information regarding Patten's cooperation with authorities. Patten, 65, will be sentenced on July 21 in Camden, New Jersey.
Feds Seek Lower Prison Term for $100M New Jersey Deli Fraudster, Some Reasons Hidden
Federal prosecutors are recommending a 12- to 18-month prison sentence for James Patten, who pleaded guilty to securities fraud in the $100 million New Jersey deli stock manipulation scheme involving Hometown International and E-Waste. This is far below the advisory guideline range of 70 to 87 months. Prosecutors cite the need to avoid unwarranted disparities, noting co-defendants Peter Coker Sr. (6 months) and Peter Coker Jr. (40 months) received lighter sentences. Three pages of the sentencing submission are blacked out, likely containing information about cooperation or sensitive personal details. Patten, 65, is scheduled to be sentenced on July 21 in Camden, New Jersey.
Feds Seek 12-18 Months for $100M New Jersey Deli Fraudster, Reasons Partially Sealed
Federal prosecutors have requested a reduced prison sentence of 12 to 18 months for James Patten, who pleaded guilty to securities fraud in connection with a $100 million stock manipulation scheme involving Hometown International, a company that owned a single deli in New Jersey. The advisory sentencing guidelines recommend 70 to 87 months, but prosecutors argue a lighter sentence is needed to avoid disparities with co-defendants Peter Coker Sr., who received six months, and Peter Coker Jr., who received 40 months. The case centered on artificially inflating the stock prices of Hometown International and another company, E-Waste. Three pages of the sentencing submission were redacted, with some reasons for the recommendation kept hidden from the public. Patten is the third and final defendant to be sentenced in the scheme.
Federal Prosecutors Recommend Reduced Sentence for $100 Million New Jersey Deli Fraudster, Some Reasons Redacted
Federal prosecutors are recommending a prison sentence of 12 to 18 months for James Patten, who pleaded guilty to securities fraud in the $100 million New Jersey deli stock manipulation scheme involving Hometown International and E-Waste. The recommendation is far below the advisory sentencing guidelines of 70 to 87 months. Prosecutors cited the need to avoid sentencing disparities, noting that co-defendants Peter Coker Sr. and Peter Coker Jr. received sentences of six months and 40 months, respectively. However, three pages of the prosecutors' sentencing submission were redacted, and the reasons for the leniency remain undisclosed. The redacted portions may include information about defendant cooperation, victims, witnesses, or sensitive personal details. Patten, 65, is scheduled to be sentenced on July 21 in Camden, New Jersey.