Your hometown deli in Paulsboro, NJ.
A now denied attorney who pleaded guilty to a federal crime involving a Shell company scam was identified as an attorney in an early financial document filed by the New Jersey-based firm that had The stock valuation is as high as $ 100 million or more, even if it is just a small delicatessen.
Gregg Jaclin, a former lawyer, was copied in a communication filed by Hometown International. Daily owners with the Securities and Exchange Commission in 2015 and 2016.
These documents include the first documents the hometown filed with the SEC that was made public.
In June 2020, Jaclin pleaded guilty to conspiracy and obstruction of justice. In a related case, the SEC in 2019 made a final judgment against him. “For the implementation of a fraudulent shell factory project in which the scam companies were made public and sold for profit,” said a press release that year.
The company involved in the operation – not Hometown International – was included in Nevada with the help of Jaclin, which was canceled in New Jersey last October for his actions.
Records show that Hometown International While having a business The sole proprietorship in southern New Jersey was incorporated into Nevada.
In a 2015 letter to Hometown International A SEC staff member wrote, “We believe you are a shell company.”
Hometown International And the management has not been accused by the SEC or any other government agency of wrongdoing.
‘Pastrami must be amazing’
Shares of Hometown International Which traded on the over-the-counter market, down about 33% in the hours after trading began on Friday morning. One day earlier, CNBC published an article on the company’s unusually high market capitalization, first listed in a hedge fund manager David Einhorn’s letter to clients.
“Pasrami must be amazing,” Einhorn wrote in his letter.
The stock price recovered significantly during the day. Hometown shares closed at $ 12.99 a share on Friday, down 3.78 percent from the previous day.
Jaclin, who remains in prison for three years of supervised release for his criminal case, did not immediately respond to a request for comment.
Other figures are not connected to Hometown International. Among them, senior corporate officers and current lawyers and anyone who checks the company’s voicemail when CNBC contacts them.
Paul Morina is President and CEO of Hometown International. Which owns Your Hometown Deli in Paulsboro, NJ.
Morina is also the principal and head coach of the famous wrestling team at Paulsboro High School, SEC documents state that he holds 1.5 million hometown shares and 30 million more warrants.
Hometown’s vice president and secretary, Christine Lindenmuth, was the same math teacher and high school administrator.
Lindenmuth’s home address is listed as the Hometown International mailing address.
Morina and Lindenmuth’s biographies in the SEC filings do not mention any previous experiences of the two in the food service industry, publicly traded companies or in the financial industry.
Hometown’s deli had only sold $ 35,000 or more in the past two fiscal years. Deli restaurants closed from mid-March to early September last year due to the coronavirus outbreak.
Although nearly 8 million common shares were traded at nearly $ 14 per share, giving it a market capitalization in excess of $ 100 million.
A woman who answered the phone on Friday at the deli asked, “Would you like to place an order?”
She then hung up after the caller identified himself as a journalist and said he wanted to speak to someone about Hometown International.
In the SEC filing, Homeland was straightforward about business opportunities.
“Our financial situation raises questions about whether we will continue,” the company said in the filing.
The company recommends that it needs to pursue acquisition targets or additional financing to maintain operations.
“Future success depends on management’s ability to find and attract appropriate acquisitions,” Hometown said in a document last year.
Major shareholder of Hometown International It also includes authorities in Hong Kong and Macau, China, which are big cities for high net worth gamblers.
Hometown president Peter Coker Jr. is listed as the chairman of a hometown investor operating a luxury hotel in Macau known as The 13.
This hotel has a fleet of Rolls-Royce Phantoms as a limousine for hotel guests. The online booking website states that all 13 hotels do not accept bookings.
Peter Coker Sr., Coker’s father, is listed on the financial paper as another major shareholder in his hometown.
Senior Coker, who lives in North Carolina, is listed in the SEC as owning 63,334 common shares in Hometown International. With warrants another 1.26 million shares
The senior Coker is listed in other filings with the SEC as founder and managing director of Tryon Capital Ventures, a North Carolina-based unit. Hometown pays Tryon $ 15,000 per month under a mentoring agreement.
“We expect to extend the term of the Mentoring Agreement with Trion by one year,” Hometown’s annual report said.
In 2019, an investor named W.Robert Bizzell sued Peter Coker Sr. and other managing partners of the entity named Tryon Capital LLC in North Carolina Business Court.
The lawsuit includes allegations of inducement fraud and constructive fraud involving Bizzell investing in another Coker Sr.-linked venture, SSAC Capital.It also said Bizzell’s money was there. To help expand Southern Season’s specialty retail operations, located in Chapel Hill.
Bizzell’s suit said the defendant. “Deviating from” his stated use of money worth hundreds of thousands of dollars and converting his interest as a debtor into equity.
Coker Sr. and the other defendants denied Bizzell’s allegations.
The August 2020 filing said the case was voluntarily dismissed by Bizzell with prejudice, which is common when civil litigants are convicted out of court.
Bizzell’s attorney, John Marshall, declined to comment.Upon contacted by CNBC, he said he was bound by the terms of the confidentiality provisions in the settlement agreement.
Coker Sr. did not return a request for comment. His lawyer did not immediately respond to a request for comment.
Public records indicate Coker Sr. lives in Macungie, Pennsylvania.
In 1992, The Morning Call in nearby Allentown published an article saying that American Express Bank in a bankruptcy case filed by Peter Coker claimed he “had scammed hundreds of thousands of dollars in assets to hinder almost any gathering effort. 900,000 dollars. “
In court documents, the newspaper said American Express had said Coker was “a solvent debtor wishing to have insolvent”.