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New Jersey deli defendant Peter Coker Jr. held without 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 heart of a securities fraud case involving a $100 million New Jersey deli was ordered held with out bail Monday as a federal decide dominated he’s a critical flight threat.

A Justice of the Peace decide had accredited 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 international nations and owned greater than $3 million in belongings. 

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 12 months 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 towards him as a result of federal authorities finally tracked him all the way 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 decide.

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 corporations, Hometown Worldwide and E-Waste.

On the time of the alleged scheme, the companies’ market capitalizations exceeded $100 million every although 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 consumer had made no efforts to cover whereas in Phuket. He additionally stated Coker Jr. had not modified his identify or made different makes an attempt to evade seize from authorities after studying concerning the fees towards 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 consumer had been hospitalized with cirrhosis and hepatitis. 

There was “worry and concern” that if Coker Jr. turned himself in to Thai authorities, he could be pressured to get on a greater than 25-hour aircraft journey 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 may have made preparations to make sure his security whereas touring. 

O’Hearn determined Monday there have been no situations that might moderately guarantee Coker Jr.’s return to courtroom. She agreed that he was a flight threat as a result of he isn’t a U.S. citizen, doesn’t have important ties to the U.S. and isn’t presently employed, amongst different causes. 

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

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

He stated he wasn’t but positive about his subsequent transfer and whether or not he would suggest a unique bail package deal or try to attraction the decide’s ruling. 

After the decide 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.