James Patten, Last Defendant in $100M Deli Stock Manipulation Case, Asks for No Prison Time

According to CNBC, James Patten, the final defendant awaiting sentencing in the $100 million New Jersey deli stock manipulation case, is asking a judge to impose no prison time despite a prior felony conviction. Patten's lawyer cited the six-month jail sentence received by co-defendant Peter Coker Sr., arguing that Patten, as Coker's employee, deserves a lesser sentence. Prosecutors are seeking 12 to 18 months in prison, well below the 70-to-87-month federal sentencing guidelines. Patten pleaded guilty to securities fraud in December 2023 and has been working as a warehouse handler for Coca-Cola. The scheme artificially boosted share prices of two thinly traded companies, including a small deli in Paulsboro, New Jersey, at one point giving both companies a combined market capitalization exceeding $100 million.