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5h ago

Peter Coker Sr. Sentenced to Six Months for $100 Million Stock Fraud Scheme

The 82-year-old businessman must also serve home confinement, pay $500,000 in fines, and nearly $644,000 in restitution for his role in the multi-year securities fraud.

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Peter Coker Sr. outside U.S. District Court in Newark, New Jersey, March 15, 2023.
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Overview

  • Peter Coker Sr. received a six-month prison sentence for his role in inflating stock prices of Hometown International and E-Waste to over $100 million each.
  • The scheme, which ran from 2014 to 2022, caused nearly $5 million in investor losses, including damages to Duke and Vanderbilt universities.
  • Coker Sr. will also serve six months of home confinement, pay a $500,000 fine, and up to $644,000 in restitution following his release.
  • Peter Coker Jr., who renounced U.S. citizenship in 2019, is awaiting sentencing and faces deportation after serving his expected prison term.
  • The fraud was exposed in 2021 after hedge fund manager David Einhorn flagged the inflated valuation of Hometown International, a company owning a single, unprofitable deli.