Check in with Tish James and Alvin Bragg.James Patten, 63, of Winston-Salem, N.C.; Peter Coker Sr., 80, of Chapel Hill, N.C.; and Peter Coker Jr., 53, of Hong Kong are each charged in a 12-count indictment with conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices. Patten is also charged with four counts of manipulation of securities, four counts of wire fraud and one count of money laundering.
[...]
The Securities and Exchange Commission, in a news release, alleges that the three men artificially inflated the share price of Hometown International — the entity operating the deli, which generated less than $40,000 in yearly revenue — from roughly $1 per share in October 2019 to almost $14 per share by April 2021, resulting in a wildly inflated market capitalization of $100 million.
[...]
In 2021, NPR's Planet Money reported on the deli when it was discovered after billionaire investor David Einhorn highlighted Hometown International in a letter to clients. Einhorn noted that in the previous two years, the company had generated less than $40,000 total in sales, yet it had a market cap of $113 million.
"The pastrami must be amazing," Einhorn joked then.
The letter was used to describe what was happening in the financial world at the time, stating, "It's as if there are no financial fraud prosecutors."
NPR
...but hey, do what you want...you will anyway.
No comments:
Post a Comment