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Latest Hometown International News
Oct 27, 2022
October 27, 2022 - Advertisement - James Patten, the defendant in the $100 million New Jersey deli case, benefits from an agreement with another shell company. Patten makes thousands a month from consulting deals with the Med Spa Vacations shell company through his firm, Benchmark Capital. Med Spa is not mentioned in his indictment. Patten was accused by prosecutors and regulators of failing to properly disclose a consulting relationship with the company that owned the deli and another shell company. - Advertisement - One of the men accused of an alleged stock manipulation scheme involving shell companies and a deli in small town New Jersey is making thousands of dollars from another shell company. securities announcement . - Advertisement - Last month, James Patten was indicted on federal charges for allegedly inflating the value of Hometown International, which owned the deli, and E-Waste, which had no real business. Patten is also linked to a company called Med Spa Vacations, which reported $93,999 in expenses and no revenue during the quarter ended Sept. 30. Patten’s Benchmark Capital firm. - Advertisement - According to the Justice Department, Benchmark Capital also received $5,000 a month in advisory fees from E-Waste. The complaint from the Securities and Exchange Commission states that Benchmark Capital’s agreement with E-Waste “does not disclose the relationship between Patten and E-Waste.” Patten’s name did not appear in the Med Spa documents. Patten’s lawyer, Ira Sorkin, declined to comment. A Justice Department spokesman was only able to confirm the current allegations. Prosecutors charged Patten, along with father-son duo Peter Cocker Sr. and Peter Cocker Jr., of enriching themselves through consulting agreements that the SEC said were not properly disclosed. The authorities also said they artificially inflated the market value of Hometown International and E-Waste by 939% and 19,900%, respectively. About half of Med Spa’s shares are owned by Global Equity Limited, where Patten is a senior vice president. About 10% of the company is owned by Cocker Sr.’s wife, Dina Cocker, and 16.63% is owned by Hometown Global Services, which Cocker Sr. controls. Cocker Sr. had a similar consulting agreement with Med Spa that paid him $2,500 between February and June 2021 through Tryon Capital. company that Cocker Sr. controls. Tryon was also chosen by Cocker Sr. to siphon funds from both Hometown International and E-Waste, according to the indictment. The Securities and Exchange Commission said that consulting arrangements with E-Waste and Hometown International were used to “deceive a dishonest profit from the scheme” and that the promised advisory services were either “unnecessary, or not carried out, or were intended to advance the scheme.” Med Spa, despite having zero income, has a long list of consulting deals. In one of the canceled deals, former Med Spa president Elliot Mermel was paid $4,000 a month through his company Benzions. The agreement was terminated in 2021. Med Spa was also briefly run by Patten’s longtime friend John Rollo, another former E-Waste president and Grammy Award-winning producer who most recently worked as a patient transporter at a New Jersey hospital. Neither Mermel nor Rollo were indicted along with their accomplices in e-waste fraud charges. They were replaced in the management of Med Spa by Irwin Schneidmill. Schneidmill declined to comment when contacted by CNBC. Rollo’s SEC-listed phone number was disabled, and Mermel did not immediately respond to a request for comment. Like the other two shell companies, Med Spa Vacations had an original business purpose—in this case, “specialized vacation wellness packages”—that was abandoned in favor of initiating a reverse merger. The indictment notes the reverse merger of E-Waste and Hometown International as a method by which men could make “significant profits through market manipulation.” Med Spa is currently seeking a company to complete a reverse merger. Credit: www.cnbc.com /
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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