US arrested man for stock fraud in Phuket
A man wanted by the United States for his involvement in stock manipulation and fraud has been arrested in Phuket. Peter Coker Jr, a citizen of the Federation of Saint Christopher and Nevis, was apprehended on Wednesday in a hotel room located near Surin Beach. The arrest was made by a team consisting of the Crime Suppression Division (CSD) and the US Federal Bureau of Investigation.
The 54-year-old man was the subject of an arrest warrant issued by the Criminal Court on December 27, 2022, as he was listed on red and black notices issued by Interpol for his involvement in fraudulent manipulative securities trading, stock fraud, and other related charges.
The police investigation led them to a hotel in the Thalang district of Phuket, where Coker Jr was arrested. During questioning, the suspect admitted to being the person listed on the Interpol notices and was transferred to the Criminal Court for legal proceedings.
The Central Investigation Bureau (CIB) stated that in 2014, Coker Jr and his business partners had taken control of an instant food company in the US, to expand the company and list it on the US stock market.
In 2019, Coker Jr and his partners achieved that goal, and set its initial public offering (IPO) price at US$1.25 per share. They then reportedly hired stock traders to manipulate the stock price. On April 16, 2021, two years later, the company’s share price jumped to US$12.99 per share, an increase of 939% from its opening price.
The suspects also transferred 3.5 million shares to nominees in the Macao Special Administrative Region of China, which made Coker Jr a major holder of the firm. The New Jersey Federal Court had issued arrest warrants for colluding in manipulation and stock fraud for Coker Jr and his accomplices. The offences carry a maximum jail term of 20 years.
While Peter Coker Sr, the suspect’s father, and James Patten were arrested in the US, Coker Jr had fled. The FBI based in Bangkok later discovered that the suspect had fled to Thailand, and sought cooperation from the CIB to track him down.
