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Three men are accused of defrauding a $100 million New Jersey deli scheme.

Hometown Delhi, Paulsboro, New Jersey

Mike Kaliya | CNBC

Federal authorities said Monday that three men were charged with fraud and other crimes in a scheme involving a company valued at $100 million on the stock market, despite only having a deli in small town New York in its name. -Jersey.

Three men: James Patten, 63, from Winston-Salem, North Carolina; Peter Cocker Sr., 80, from Chapel Hill, North Carolina; and Peter Cocker Jr., 53, of Hong Kong, China, were charged with 12 counts including conspiracy to commit securities fraud, securities fraud and conspiracy to manipulate securities prices.

Federal prosecutors also said Patten is also charged with four counts of securities manipulation, four counts of wire fraud and one count of money laundering.

The Federal Securities and Exchange Commission also accused the men of market manipulation.

Read full indictment here.

This is the latest news. Please stay tuned for updates.


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