Guilty Plea in $100M Deli Scheme Unveils Securities Fraud
James T. Patten, a man involved in a scheme to manipulate the stock price of a New Jersey deli's parent company, pleaded guilty to securities fraud. Patten admitted to orchestrating misleading trades to enrich himself and two co-defendants. The scheme inflated the parent company's value to $113 million, despite the deli making only $13,976 in revenue. Patten faces up to 20 years in prison and a fine of up to $5 million for securities fraud. Sentencing is scheduled for April 23.