Cokers Owe $5.56M in Deli Stock Fraud Restitution

Federal Judge Expresses Frustration Over Unpaid Restitution in New Jersey Deli Stock Fraud SchemeA federal judge is growing increasingly frustrated with Peter Coker Senior and his son, Peter Coker Junior, who have failed to pay millions of dollars in restitution for their involvement in a one hundred million dollar New Jersey deli stock fraud scheme. The Cokers owe a total of five point five six million dollars to the victims of their scam, which illegally inflated stock prices of two publicly traded companies. Peter Coker Senior was ordered to pay his first installment of two point five million dollars within thirty days of August eleventh, while Coker Junior owed one point five million dollars by the same date. However, it appears the defendants have purposefully failed to make payments, possibly to avoid doing so or to hide assets. Meanwhile, there are complications in collecting from Peter Coker Junior, who renounced his United States citizenship years ago and was deported to the Caribbean nation of Saint Kitts and Nevis on October sixteenth, the day after his release from prison. Peter Coker Senior is set to be released on December eighth from a residential reentry facility. The judge has demanded answers from prosecutors and the Cokers lawyers within two weeks regarding the unpaid restitution. Both Cokers pleaded guilty to securities fraud and conspiracy to commit securities fraud last December.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.