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NJ Deli Stock Scheme: Defendant Seeks No Jail Time
16 Jul
Summary
- James Patten seeks no prison time despite prior felony conviction.
- Patten cites co-defendant's lighter sentence and his own remorse.
- Prosecutors recommend 12-18 months, lower than guidelines.
James Patten, the final defendant in a $100 million New Jersey stock manipulation scheme, is asking a judge to spare him prison time. His legal team highlighted his prior felony conviction and a history of seizures as reasons for leniency. They also pointed to the lighter sentence received by his former employer, Peter Coker Sr., arguing Patten should receive less.
Patten, who pleaded guilty in December 2023, is currently employed as a warehouse materials handler for Coca-Cola. Prosecutors are seeking a sentence between 12 and 18 months, significantly lower than federal sentencing guidelines but still recommending prison due to his past conviction.
The scheme involved artificially inflating the stock prices of two thinly traded companies, including Hometown International, which operated a single deli in Paulsboro, New Jersey. Patten, who grew up in Paulsboro, was convicted of mail fraud in 2010 and served a 27-month sentence.
Sentencing for Patten is scheduled for July 21. The court has made sentencing submissions public, though some pages have been redacted. Both Coker Sr. and Coker Jr. have already been released after serving their sentences.
