Federal prosecutors asked a judge to postpone the SEC's civil case involving the $100 million New Jersey deli
Even though Hometown International's only asset was Your Hometown Deli, a now-closed tiny sandwich shop in Paulsboro, New Jersey, that had under $40,000 in annual revenue, the trio used manipulative trading to inflate its market capitalization to more than $100 million, prosecutors alleged.
"Unbeknownst to the deli owners, almost immediately after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them," prosecutors said previously in a news release. The men concocted a similar scheme to take control of E-Waste. The tactics "artificially inflated" the values of Hometown International and E-Waste stock by 939% and 19,900%, respectively, prosecutors said.Patten's attorney Ira Sorkin, the high-profile litigator who once repped the notorious Ponzi scheme fraudster Bernie Madoff, didn't comment when asked whether the case is expected to go to trial.
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