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$100 Million for a Pastrami Sandwich?!🥪 #Fraud #Investigation #Crime #StockMarket #Finance
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Chapters6 segments · tap to seek
ticker lesson
Breakdown
0:00lesson
Deli fraud setup
- Deliver $100M deli offer to show absurdity
- Sane person declines $100M deli deal
- Story of James Patton's fraud scheme
1:27lesson
Fraud execution
- Patton founded Hometown Deli in NJ
- Kokers forced out shareholders for control
- Shell company E-Waste created artificial demand
1:28lesson
Book-cooking details
- Deli revenue < $40K/year
- Valuation inflated 939%
- E-Waste shares inflated 19,900%
1:30lesson
Investigation & sentencing
- David Einhorn's 2021 letter exposed fraud
- 2022 arrests led to 21-month prison term
- $5M restitution required
2:00lesson
Recidivist pattern
- Patton had prior 27-month prison sentence
- Two FINRA infractions without prison
2:27lesson
Dark humor conclusion
- Joke about deli business viability
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