After being detained last week on the tourist island of Phuket, a suspect wanted in connection with an alleged stock manipulation scheme that led a small New Jersey delicatessen to be listed as a public company valued at $100 million has decided to voluntarily extradite to the United States, a Thai legal official said on Friday.
Authorities in the United States are looking for Peter Coker Jr. on suspicion of fraud and stock manipulation about the over-the-counter trading of Hometown International and E-Waste Corp. James Patten, and Peter Coker Sr., two further persons who were accused on the same allegations were detained in the US last year.
Coker Jr., a partner with a financial services firm in Hong Kong, is wanted on an arrest warrant.
When contacted by phone for comment regarding the case, the Bangkok law firm representing Coker Jr. did not respond immediately.
Media claims claimed Hometown International, whose only asset was a delicatessen in Paulsboro, New Jersey, had a roughly $100 million valuation, bringing the alleged unlawful operations to light in 2021.
The peculiarity was first made known by hedge fund manager David Einhorn, who quipped in a letter to his clients about the business that “The pastrami must be fantastic.”
The three defendants were charged with exchanging shares in Hometown International and E-Waste Corp among a select group of investors to drive the price.
They wanted to merge with a private corporation, according to the indictment filed in the U.S. District Court in New Jersey, to attract public investors’ interest and sell off their stock at exorbitant rates.
The 54-year-old Coker Jr. was tracked down to his home near the well-known tourist destination of Surin beach in Phuket, where he had signed a one-year lease, according to Thai police, who claimed that U.S. officials had notified them of his potential entry into Thailand in December of last year. 11 January saw his arrest.
St. Kitts and Nevis passport, from one of many countries that sell citizenship in exchange for investment, was used to enter Thailand several years ago, according to the police statement.
According to Teerat Limpayaraya, a prosecutor in Thailand’s Attorney General’s office, Coker Jr. is being detained in a Bangkok jail for extradition.
“Mr. The extradition of Coker Jr. to the United States was voluntary, which streamlined the court’s legal procedure. By Thai legislation, we must wait 30 days before returning him,” stated Teerat.