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Hometown International

Founded Year

2014

Stage

Unattributed | Alive

Total Raised

$2.5M

Last Raised

$2.5M | 4 yrs ago

Revenue

$0000 

About Hometown International

Hometown International retails prepared foods and ingredients. On April 1st, 2022, Hometown International merged with Makamer.

Headquarters Location

25 E. Grant Street

Woodstown, New Jersey, 08098,

United States

856-759-9034

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Latest Hometown International News

$100M New Jersey Deli Stock Fraud Case Pleads Guilty

Dec 29, 2023

remon 2 seconds ago Google Earth An ex-convict from North Carolina has pleaded guilty to securities fraud for conspiring to manipulate the shares of a company that once had a market capitalization of up to $100 million when it owned just one small loss-making grocery store in southern New Jersey. Disgraced former stockbroker James Patten also admitted Wednesday in federal court in Camden, New Jersey, to conspiring with two other men to manipulate the stock price of another related shell company, which did not own no tangible assets. The market capitalization of this company was even higher than that Hometown International charcuterie business that men controlled. Prosecutors said Patten, 64, and the two other defendants conspired for eight years to boost the stock prices of Hometown International and the shell company. Electronic waste to create a false impression of demand for the companies’ shares and better position them as candidates for so-called reverse mergers with private companies. Courtroom sketches of James Patten, left, and attorney Ira Sorkin at the New Jersey District Court in Camden, New Jersey, October 11, 2022 Source: Elizabeth Williams The other defendants, Peter Coker Sr. and his son Peter Coker Jr., remain charged in the case, in which they have pleaded not guilty. The Cokers and Patten are also being sued for this alleged scheme by the Securities and Exchange Commission. That trial in New Jersey federal court has been stayed until the criminal case is resolved. The system relied on a model of coordinated stock trading among a relatively small number of accounts held nominally by family members, friends and associates, according to court documents. As a result, the stock prices of Hometown and E-Waste were artificially inflated by 939% and 19,900%, respectively. The project began in 2014, when Patten suggested the creation of Hometown as an umbrella company to a friend, a high school principal and wrestling coach named Paul Morina, to become the owner of Your Hometown Deli, which Morina and another no one was discussing opening in Paulsboro at the time. Morina and the other deli owner were unaware of Patten’s plan to manipulate Hometown’s inventory, authorities said. Hometown Deli, Paulsboro, NJ Mike Calia | CNBC Patten’s guilty plea to securities fraud and conspiracy to commit securities fraud may well increase pressure on both Cokers to reach plea agreements in this case. Coker Sr., who lives in North Carolina, remains free on bail, while Coker Jr., a former Hong Kong resident who was arrested as a fugitive in Thailand in January, is being held without bail in a New York jail. Jersey. Charges were filed against the trio in September 2022, more than a year after CNBC detailed a series of questionable ties between Hometown and E-Waste, with issues in Patten’s and the elder’s criminal and civil courts Coker, and eyebrow-raising consulting deals with the companies that benefited both men. Your Hometown Deli closed its doors early in 2022. CNBC’s reporting was sparked by a client letter that hedge fund manager David Einhorn sent to his clients in April 2021, which highlighted Hometown International’s bizarre stock price given its very meager single asset base. grocery store. “The pastrami must be amazing,” Einhorn wrote in the letter. In the wake of these articles, Hometown International and E-Waste took the highly unusual step of disavowing their market capitalization, claiming there was no basis to support their stock prices. The companies then carried out reverse mergers with other companies. Peter Coker Sr. and his wife Susan Coker in the U.S. District Court in Newark, New Jersey on March 15, 2023. Dan Mangan | CNBC Patten, who lives in Winston-Salem, faces a maximum sentence of 20 years in prison and fines of $5.25 million, but he is likely to receive a much lower sentence, given federal guidelines in matters of sentencing. He is scheduled to be sentenced April 23, when the other 10 securities fraud charges he faced with the Cokers will be dismissed. His lawyer, Ira Sorkin, told CNBC: “He admitted to wrongdoing.” Asked if Patten had agreed to cooperate with prosecutors in their case against the Cokers, Sorkin said, “I’m not going to address anything.” Sorkin, who previously represented Bernie Madoff, the notorious Ponzi scheme mastermind, said Patten’s case was unusual only because of the media attention given to it. “The press came out and said the pastrami sandwich cost $100 million,” Sorkin joked. The lawyer said that at sentencing “you will find out” the true cost of the pastrami. The Cokers’ lawyers argued that no one actually lost money in the alleged scheme. But prosecutors pointed to the hundreds of thousands of dollars that Hometown and E-Waste paid in consulting fees, as well as funding of the companies by others who are not charged. Patten previously pleaded guilty in 2010 in New Jersey federal court to a mail fraud charge related to sending a client a false financial statement to conceal bad investments he made with his money. He was sentenced to 27 months in prison in this previous case. Four years earlier, Patten was barred by FINRA, the broker-dealer regulator, from acting as a securities broker for failing to comply with an arbitration award of more than $753,000, for violations of securities laws, unauthorized trading and customer account churn. Sorkin represented him in this regulatory action. Coker Sr. had previously been sued for allegedly hiding money from his creditors and for alleged business-related fraud. He has denied wrongdoing in these matters. cnbc Business

Hometown International Frequently Asked Questions (FAQ)

  • When was Hometown International founded?

    Hometown International was founded in 2014.

  • Where is Hometown International's headquarters?

    Hometown International's headquarters is located at 25 E. Grant Street, Woodstown.

  • What is Hometown International's latest funding round?

    Hometown International's latest funding round is Unattributed.

  • How much did Hometown International raise?

    Hometown International raised a total of $2.5M.

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