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New Jersey deli owners facing fraud charges

On Behalf of | Oct 12, 2022 | Criminal Defense |

Investigators began monitoring operations at a New Jersey deli after learning that the cost of shares in the company has increased exponentially, while revenue was low for a business valued so high. Three deli owners were accused of white-collar crimes. Two of them have been taken into custody on a 12-count indictment while the third individual is still at large.

The men are accused of manipulating the stock market regarding securities in their company. Investigators claim that evidence shows that the business owners inflated the value of their company to exceed $100 million. The annual revenue of the business, however, was not even $40,000, which is reportedly what flagged the company for suspicion.

Hong Kong resident is said to be involved

One of the accused men facing appears to be the son of one of the other two defendants. The business is known for its bagels and cheesesteak sandwiches. However, investigators say they grew concerned when the stock market valuation was at odds with the company’s low annual revenue. Two of the defendants are scheduled to appear in a federal court in New Jersey soon.

 Navigating the criminal justice system for fraud charges

In New Jersey or elsewhere, anyone facing fraud charges must be given an opportunity to refute those charges in court. Many such cases are resolved without a conviction. To increase the chances of obtaining a favorable outcome, it is always best to enlist support from a criminal defense attorney who is well-versed in white-collar crime issues.