Your Hometown Deli in Paulsboro, N.J.
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A North Carolina ex-convict pleaded guilty to securities fraud in connection with conspiring to manipulate the stock of a company that once had a market capitalization of as high as $100 million despite owning just one, small money-losing deli in southern New Jersey.
Disgraced former stockbroker James Patten also admitted on Wednesday in Camden, New Jersey, federal court to conspiring with two other men to manipulate the share price of another related shell company, which had no tangible assets. That company’s market cap was even higher than the Hometown International deli company the men controlled.
Prosecutors said that Patten, 64, and the other two defendants conspired over eight years to increase the stock price of Hometown International and the shell company E-Waste to create a false impression of demand for the firms’ shares, and better position them as candidates for so-called reverse mergers with privately owned…
2023-12-21 10:42:44
Source from www.cnbc.com