Peter Coker Junior is sought by US authorities on fees of fraud and shares manipulation in reference to two firms, Hometown International and E-Waste Corp, that had been traded over-the-counter.
Two different males indicted on the identical fees, Peter Coker Senior, and James Patten, have been arrested within the United States final yr.
A warrant was issued for the arrest of Coker Junior, a companion at a monetary companies firm in Hong Kong.
The Bangkok regulation agency representing Coker Junior didn’t instantly reply to phoned requests for remark in regards to the case.
The alleged unlawful actions got here to gentle in 2021, when media stories surfaced that Hometown International, whose sole asset was a delicatessen in Paulsboro, New Jersey, had a valuation of about $100 million.
The anomaly was initially publicised by David Einhorn, a hedge fund supervisor, who joked in a letter cautioning his shoppers in regards to the firm that “the pastrami must be amazing”.
The three indicted men were accused of trading shares of Hometown International and E-Waste Corp back and forth among a small group of investors to pump up the price.
The US District Court in New Jersey indictment alleges that they intended to merge with a private company in order to draw the attention of public investors and sell off their own stock at the inflated prices.
Thai police said US officials informed them of the 54-year-old Coker Junior’s possible entry into Thailand in December last year, and he was tracked to his residence near a popular tourist spot of Surin beach in Phuket, for which he signed a one year lease.
He was arrested January 11.
The police statement said he had entered Thailand several years ago with a passport from the eastern Caribbean island of St. Kitts and Nevis, which is one of many nations that sells citizenship in exchange for investment.
Teerat Limpayaraya, a prosecutor in Thailand’s Attorney General’s office, said Coker Junior is being held in a Bangkok jail pending extradition.
“Mr. Coker Junior voluntarily consented to be extradited to the US, which has simplified the court’s legal process.
We have to complete a 30-day waiting period as required by Thai law before sending him back,” stated Teerat.
“He was visibly frail when he was taken in and told us that he needs medical treatment for his liver disease. We believe that he entered Thailand with a possible plan to settle here.”
A video released by the police showed Coker Junior sitting in a chair wearing a T-shirt and shorts in his seaside residence as Thai police read out details of search and arrest warrants to him.
Later, as he was escorted to a police car, he appeared to wish help strolling.
