Peter Coker Sr. and his son, Peter Coker Jr., have been sentenced for their roles in operating a fraudulent stock promotion scheme. This complex scheme defrauded New Jersey investors, ultimately costing them an estimated $100 million losses. The scheme operated from 2014 until September 2022. It misled markets by artificially inflating stock prices for Hometown International and E-Waste through this shell game, ultimately sounding the death knell with substantial investment losses for their shareholders.
Peter Coker Sr., 82, who lately had a favorable recent court ruling, is the most recent of such individuals. He will finally serve six months in prison, followed by an additional six months of home confinement. He was further ordered to pay a $500,000 criminal fine and up to $644,000 in restitution. His son, Peter Coker Jr., was sentenced to an exceedingly lenient 40-month term of incarceration. This extremely punitive sentence serves to underscore the severity of his crime as well as the context surrounding his arrest.
Both men entered guilty pleas to various securities fraud related charges. The fraudulent activities saw Hometown International’s stock price surge by over 900%, while E-Waste’s stock price skyrocketed by nearly 20,000%. Those ballooning valuations drew in unsuspecting investors, setting the stage for their scheme’s eventual collapse.
Peter Coker Jr., who renounced his U.S. citizenship in 2019 and took citizenship in St. Kitts. In recent years, he got into some serious mischief. He was eventually apprehended while on the run as a fugitive in Thailand in March 2023. Since his Feb. 2022 extradition, he has been held without bail. Before his eventual extradition, he suffered a vicious attack while imprisoned in Thailand that further deteriorated his already failing health. Accounts said he was afflicted with advanced cirrhosis of the liver from heavy drinking.
In the court proceedings last year, Peter Coker Sr. was incorrectly characterized as “a great man” by his wife, Susan Coker. The couple enjoys living in Chapel Hill. The happy couple celebrating over 61 years of marriage. Though Susan’s husband faces very serious charges, she passionately defends him and vigorously fights by his side.
The Cokers perpetrated fraud on Medicare and skilled nursing facilities through an elaborate false scheme. They defrauded investors as to the value and prospects of the companies involved. While this case is a major victory, it’s a cautionary tale against the perils of invested stock. It highlights how critical regulatory oversight is in preventing scammy practices.