HomeBusinessNew Jersey deli defendant Peter Coker Jr. held with out bail

New Jersey deli defendant Peter Coker Jr. held with out bail

Peter Coker Jr., left, is issued search warrants from police at his villa on the southern resort island of Phuket, Thailand, Jan. 11, 2023.

Crime Suppression Division, Royal Thai Police | AP

CAMDEN, N.J. — The previous fugitive on the middle of a securities fraud case involving a $100 million New Jersey deli was ordered held with out bail Monday as a federal choose dominated he’s a critical flight danger.

A Justice of the Peace choose had permitted Peter Coker Jr.’s launch on a $1.5 million bond in late March, however he remained in an Essex County jail as prosecutors appealed the ruling. 

Throughout a listening to Monday in federal courtroom in Camden and in motions filed earlier than the courtroom, prosecutors argued Coker Jr. needs to be held pending trial as a result of he had renounced his U.S. citizenship, had “in depth” hyperlinks to overseas international locations and owned greater than $3 million in property. 

Decide Christine O’Hearn sided with the federal government. She repeatedly famous that Coker Jr., who had been dwelling in Phuket, Thailand for the final yr and a half, had made no effort to contact the authorities to show himself in after he discovered he’d been indicted in September. 

She stated Coker Jr. was solely within the U.S. to reply the fees in opposition to him as a result of federal authorities ultimately tracked him right down to Phuket and extradited him to the U.S.

Coker Jr., who smiled with U.S. Marshals as he was led into courtroom clad in a yellow jail jumpsuit, did not make formal feedback to the choose.

The 53-year-old Coker Jr., his father, Peter Coker Sr., and one other man, James Patten, have been charged in a 12-count indictment alleging securities fraud and conspiracy for allegedly concocting a scheme to inflate the inventory costs of two firms, Hometown Worldwide and E-Waste.

On the time of the alleged scheme, the companies’ market capitalizations exceeded $100 million every despite the fact that Hometown’s solely asset was a small deli in Paulsboro, N.J., that made no cash and E-Waste was a shell firm, prosecutors allege. 

Coker Jr.’s protection legal professional John Azzarello argued his shopper had made no efforts to cover whereas in Phuket. He additionally stated Coker Jr. had not modified his title or made different makes an attempt to evade seize from authorities after studying concerning the expenses in opposition to him. 

When O’Hearn questioned why Coker Jr. did not attempt to contact the federal government or flip himself in after he discovered he had been indicted, Azzarello argued his shopper had been hospitalized with cirrhosis and hepatitis. 

There was “concern and concern” that if Coker Jr. turned himself in to Thai authorities, he can be pressured to get on a greater than 25-hour airplane trip to the U.S., Azzarello stated. He added that Coker Jr.’s native medical doctors had suggested him to not journey due to his well being points.

Assistant U.S. Lawyer Shawn Barnes acknowledged that Coker Jr. had well being considerations, however stated officers might have made preparations to make sure his security whereas touring. 

O’Hearn determined Monday there have been no circumstances that would fairly guarantee Coker Jr.’s return to courtroom. She agreed that he was a flight danger as a result of he’s not a U.S. citizen, doesn’t have vital ties to the U.S. and isn’t presently employed, amongst different causes. 

Calling Coker Jr. a “refined defendant” who’s “very acquainted with worldwide journey,” O’Hearn stated her “important concern” was that he did not try and give up after he discovered he was indicted. She additionally cited his property and “little if any” household ties. 

“I’m stunned,” Azzarello instructed CNBC of O’Hearn’s choice after the listening to. 

He stated he wasn’t but positive about his subsequent transfer and whether or not he would suggest a distinct bail package deal or try and enchantment the choose’s ruling. 

After the choose delivered her ruling, Coker Jr.’s mom cried within the gallery and outdoors of the courtroom. She and her husband, the elder Coker, declined remark to CNBC.

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