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In a notable development within the financial crime landscape, Peter Coker Sr. and his son, Peter Coker Jr., have both entered guilty pleas regarding their involvement in a significant stock manipulation scheme. This fraudulent activity is tied to a seemingly modest New Jersey deli, which unexpectedly boasted a market capitalization of $100 million, raising eyebrows in financial circles.
The pleas were announced on Thursday, and the Cokers are set to receive their sentencing in the spring of the following year at U.S. District Court in Camden, New Jersey, as reported by federal prosecutors.
In addition to the Cokers, another individual, James Patten, has also pled guilty to similar charges of securities fraud and conspiracy to commit securities fraud in relation to the company known in its earlier days as Hometown International.
Notably, Peter Coker Jr. had his villa in Phuket, Thailand searched, further indicating the complex international dimensions of this case. The Crime Suppression Division of the Royal Thai Police was involved in the operation, highlighting the global implications of such financial fraud.
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