Peter Coker Sr. and James Patten have been charged in a 12-count indictment with conspiracy to commit securities fraud, securities fraud, and conspiracy to manipulate securities prices.
According to a complaint filed by the DOJ, Coker Sr., his 53-year-old son Peter Coker Jr. and Patten took steps to gain control of Hometown International and a separate shell company called E-Waste Corporation with the intention of selling their shares at a significant profit through reverse mergers. A reverse merger is a transaction where an existing public company merges with a private operating company.
After gaining control of the companies, the trio allegedly arranged for the transfer of millions of the company's shares to a number of entities, including some controlled by Coker Jr., as well as to the trading accounts of family members, friends and associates. The accounts were then accessed to commit a number of "match and wash" trades.This illustration photo taken on Sept.
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