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☆ Wind Power Project in New Jersey Would Be Among Farthest off East Coast, Company Says
  + stars: | 2023-10-02 | by ( Associated Press | Oct. | At P.M. | ) www.usnews.com   time to read: +4 min
SEASIDE HEIGHTS, N.J. (AP) — A proposed wind energy project off New Jersey would be among the farthest from land on the East Coast, the New York-based development company said Monday. Wind power developers have struggled to make progress, however, due to supply chain issues, higher interest rates, and a failure so far to garner enough tax credits from the federal government. Orsted, the Danish wind energy company, would build its first project about 13 to 15 miles off the coast of Atlantic City and Ocean City. “Offshore wind development makes no sense from either an environmental or economic standpoint,” he said. It is pursuing another offshore wind project in New York about 50 miles south of Jones Beach.
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☆ NJ deli stock fraud defendant denied bail as judge calls him a serious flight risk
  + stars: | 2023-04-17 | by ( Gabrielle Fonrouge | ) www.cnbc.com   time to read: +4 min
Peter Coker Jr., left, is issued search warrants from police at his villa on the southern resort island of Phuket, Thailand, Jan. 11, 2023. A magistrate judge had approved Peter Coker Jr.'s release on a $1.5 million bond in late March, but he remained in an Essex County jail as prosecutors appealed the ruling. He added that Coker Jr.'s local doctors had advised him not to travel because of his health issues. Assistant U.S. Attorney Shawn Barnes acknowledged that Coker Jr. had health concerns, but said officials could have made arrangements to ensure his safety while traveling. After the judge delivered her ruling, Coker Jr.'s mother cried in the gallery and outside of the courtroom.
☆ East Palestine Isn’t Alone. How One Town Recovered From a Toxic Train Derailment.
  + stars: | 2023-04-09 | by ( Esther Fung | ) www.wsj.com   time to read: 1 min
PAULSBORO, N.J.—A small town in Ohio was marred this year by a freight train derailment that released toxic chemicals and spurred an environmental cleanup. A decade earlier, a train derailment in this small New Jersey town spilled the same hazardous substance, vinyl chloride, into its waterways and air.
☆ Ex-fugitive in $100 million N.J. deli case granted bail, but kept jailed as feds fight release
  + stars: | 2023-04-05 | by ( Dan Mangan | ) www.cnbc.com   time to read: +2 min
Peter Coker Jr., left, is issued search warrants from police at his villa on the southern resort island of Phuket, Thailand, Jan. 11, 2023. A former fugitive in the securities fraud case of the notorious $100 million New Jersey deli has been granted bail — but he remains in jail as federal prosecutors fight his release by arguing he remains a serious flight risk. Coker Jr., 53, was charged in September along with his father, Peter Coker Sr., and another man, James Patten, in a 12-count indictment alleging securities fraud and conspiracy. Prosecutors say the scheme was designed to make both companies attractive targets for so-called reverse mergers with private companies. The elder Coker and Patten were arrested at the time of the indictment in North Carolina, where they reside.
☆ Ex-fugitive in fraud scheme tied to $100 million NJ deli willing to pay millions for bail
  + stars: | 2023-03-16 | by ( Dan Mangan | ) www.cnbc.com   time to read: +4 min
Watching from the gallery was Coker's mother, Susan, and his father, Peter Coker Sr., 80, who is also a defendant in the case. "He looks good," Susan Coker told her son's lawyers, John Azzaerello and Bill McGovern, afterward. Coker Jr. is "pretty much willing to stake every nickel he has" to be released on bond, Azzarello said. After the hearing, Azzarello told CNBC, "I don't think this case, by any means, requires pretrial detention." Coker Sr. and Patten, who were arrested in September after a grand jury indicted them and Coker Jr. on 12 criminal counts, each remain free on $100,000 bond.
☆ Norfolk Southern has erased $5 billion in market value since the Ohio train derailment spilled toxic chemicals into East Palestine
  + stars: | 2023-02-17 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +4 min
Shares of Norfolk Southern have erased $5 billion in market value since the Ohio train derailment. On February 3, a Norfolk Southern train derailment released toxic chemicals in the community of East Palestine, Ohio. JPMorgan estimated Norfolk Southern will face costs related to the train derailment of as much as $50 million. Despite the efforts, investors have grown concerned about the potential costs Norfolk Southern will face in lawsuits and clean-up actions. So far, water tests have yet to show vinyl chloride entering the drinking water for residents in the East Palestine, Ohio area.
☆ $100 million New Jersey deli fugitive Peter Coker Jr. agrees to extradition to U.S. from Thailand
  + stars: | 2023-01-20 | by ( Dan Mangan | ) www.cnbc.com   time to read: +1 min
A former fugitive wanted on criminal stock manipulation charges related to a money-losing New Jersey deli once valued at $100 million has agreed to be extradited from Thailand to the United States, Thai authorities said. Peter Coker Jr., 54, was arrested last week by Thai police in the resort area of Phuket, less than four months after he, his father, Peter Coker Sr., and an associate, James Patten, were indicted in New Jersey federal court. Coker Jr., who most recently was known to be living and working as a businessman in Hong Kong, is being held in a Bangkok jail for the next several weeks before his expected extradition, the Associated Press reported Friday. Thai police, in a statement, said Coker Jr., who is an American most recently known to be living in Hong Kong, had entered the country with a passport issued by the Caribbean island of St. Kitts and Nevis. "Mr. Coker Jr. voluntarily consented to be extradited to the U.S., which has simplified the court's legal process," Teerat Limpayaraya, a prosecutor in Thailand's Attorney General's office, told the AP.
☆ Police in Thailand arrested an American man in connection with an alleged fraud that left a New Jersey deli worth $100 million
  + stars: | 2023-01-19 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Thai police arrested a man over an alleged fraud involving a firm that owned a New Jersey deli. Peter Coker Jr. was detained on January 11 at a hotel in Phuket, the Bangkok Post reported. His father, Peter Coker Sr., and James Patten were arrested in September and have pleaded not guilty. Coker Jr was the subject of arrest warrants issued by Interpol, per the Post, after being accused of stock market manipulation and fraud in September. The Post reported that Coker Jr. admitted he was the man wanted on the Interpol register.
☆ Fugitive $100 million New Jersey deli defendant Peter Coker Jr. arrested in Thailand
  + stars: | 2023-01-18 | by ( Dan Mangan | ) www.cnbc.com   time to read: +2 min
Peter Coker Jr., who last was known to be living in Hong Kong, is one of three people charged in the case involving the deli owner, Hometown International , and a related shell company, E-Waste . The Bangkok Post reported that the 54-year-old Coker Jr. was arrested on Jan. 11 in a hotel room in the Thalang district of Phuket province, Thailand. The newspaper said Coker Jr. was arrested pursuant to so-called red and black notices issued by the International Criminal Police Organization, Interpol. Local Thai police, working with the FBI, arrested Coker, after tracking him to the hotel, The Post reported. Coker Jr. had served as chairman of Hometown International, whose sole asset for years was the Your Hometown Deli in Paulsboro, New Jersey.
☆ Judge pauses SEC case in alleged NJ deli stock fraud in favor of criminal probe
  + stars: | 2022-12-21 | by ( Rebecca Picciotto | ) www.cnbc.com   time to read: +2 min
Federal prosecutors had requested earlier in December that the judge postpone the SEC case due to considerable overlap with their criminal litigation. Judge Christine O'Hearn granted that request on Wednesday, stating that there was no opposition from either the SEC or the defendants. It was the sole asset of Hometown International, a company controlled by financiers James Patten, Peter Coker Sr. and Peter Coker Jr. Your Hometown Deli made under $40,000 in annual revenue despite Hometown International's $100 million market value, according to public filings. Prosecutors say Patten convinced Morina to open the deli under the umbrella of Hometown International.
☆ U.S. oil refiners to keep running at breakneck speeds in fourth quarter
  + stars: | 2022-11-04 | by ( Erwin Seba | ) www.reuters.com   time to read: +2 min
REUTERS/Bing GuanHOUSTON, Nov 4 (Reuters) - U.S. oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity, as tight fuel supplies spur high profits and operating rates, according to company forecasts and analysts surveyed by Reuters. The refining industry has minted huge profits this year on buoyant demand for gasoline, diesel and jet fuel. PBF restarted units idled during the pandemic at its Paulsboro, N.J., plant to produce more diesel and jet fuel, with the company's refineries running at a record-high 980,000 barrels per day last quarter, Young said. Overall, refiners are forecasting production will remain close to third quarter levels, which averaged 92.75%, said Matthew Blair, refining analyst at researcher Tudor Pickering & Holt. Diesel stocks in particular “are well below typical levels and are running at some 20% below the seasonal average,” Paisie said.
☆ Men charged in stock fraud case involving a small-town NJ deli are set to appear in federal court
  + stars: | 2022-10-11 | by ( Jack Stebbins | ) www.cnbc.com   time to read: +4 min
Federal prosecutors have described the case as a tale of international fraud and betrayal. Peter Coker Jr., 53, the son of Coker Sr., is based in Hong Kong and is considered at large. Federal authorities sought to jail Coker Sr. before agreeing to a conditional release. The men are charged with conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices. The peculiarities surrounding Your Hometown Deli first caught the eye of hedge-fund manager David Einhorn in 2021.
☆ Feds sought to jail father charged in $100 million New Jersey deli scam with Hong Kong-based son at large
  + stars: | 2022-09-27 | by ( Mike Calia | ) www.cnbc.com   time to read: +2 min
Federal authorities sought to detain one of the men charged in an alleged multiyear fraud scheme involving a neighborhood deli in a small New Jersey town, according to court records. The man – Peter Coker, Sr., 80 – was arrested Monday in North Carolina and then let go after the government agreed to the conditions surrounding his release. Both he and Coker Sr. are expected to appear in a New Jersey federal court at a yet-to-be-determined date. The three men are charged with 12 counts, including securities fraud, wire fraud and money laundering. Coker Jr. was the chairman of Hometown International, while Coker Sr. was a major shareholder.
☆ $100 million N.J. deli scheme leads to federal charges against a father and his son
  + stars: | 2022-09-26 | by ( Dan Mangan | Dan Mangan Is A Reporter Covering Health Care For Cnbc.Com. | Mangan Has Been A Journalist For More Than Years | ) www.nbcnews.com   time to read: +4 min
Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public’s attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.
☆ Three men charged with fraud in $100 million New Jersey deli scheme
  + stars: | 2022-09-26 | by ( Mike Calia Dan Mangan | Mike Calia | Dan Mangan | ) www.cnbc.com   time to read: +4 min
Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public's attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.
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