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FinanceProsecutors seek 12-18 months for third defendant in $100M deli stock fraud
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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.
Source report
Federal prosecutors are requesting a reduced prison sentence of 12 to 18 months for James Patten, who pleaded guilty to securities fraud in connection with the $100 million New Jersey deli stock manipulation case. However, some reasons for the recommendation remain sealed.
Sentencing Guidelines and Disparity Concerns
The advisory sentencing guidelines recommend a term of 70 to 87 months, but prosecutors argue that a lighter sentence is warranted to avoid disparities with co-defendants:
- Peter Coker Sr. – sentenced to six months
- Peter Coker Jr. – sentenced to 40 months
Case Background
The case involved artificially inflating the stock prices of Hometown International and E-Waste. Three pages of the sentencing submission have been redacted.
Source
US Top News and AnalysisWestern
Part of this Story
Federal Prosecutors Seek Reduced Sentence for $100M New Jersey Deli Fraudster