U.S. prosecutors seek 12-18 months for James Patten in $100 million N.J. deli stock fraud case

According to CNBC, federal prosecutors asked U.S. District Court Judge Christine O’Hearn to sentence James Patten to 12 to 18 months in prison when he is sentenced in Camden on July 21, despite advisory guidelines of 70 to 87 months for the 65-year-old, who pleaded guilty to securities fraud in the $100 million New Jersey deli stock manipulation case. Prosecutors said a harsher sentence than those given to co-defendants Peter Coker Sr. (six months) and Peter Coker Jr. (40 months) would create an unwarranted disparity, while noting Patten’s prior 2010 mail-fraud conviction and 27-month prison term. CNBC reported that three pages of the government’s 11-page sentencing submission were redacted, with the public filing not disclosing the nature of the non-public information. Prosecutors said the scheme manipulated shares of Hometown International and E-Waste, and estimated investor losses of nearly $5 million, including consulting fees paid to the Cokers and Patten.