Macau: former 13 Hotel chairman denied bail in US Court
Lee Coker Jr has been deemed a flight risk after his lawyers requested bail.
Macau – Peter Lee Coker Jr, the former chairman of The 13 Hotel in Macau, is to remain in custody after a US court ruled that he is a flight risk. Coker Jr’s lawyers had requested bail.
Coker Jr was arrested in a hotel room in January in a joint operation between Thai police and the FBI and was extradited to the United States to stand trial. He is accused of hiring stock traders to manipulate the company’s stock price.
He, his father and James Patten stand charged with 12 counts of securities fraud and conspiracy for their role in inflating the stock price of a company worth more than US$100m. Corker’s defence attorneys said he failed to report to authorities due to ill health, a claim the assistant US attorney disputed.
Coker is chairman of South Shore Holdings, the company behind The 13 luxury hotel, which was planned to have a casino. Founded by Stephen Hung, the property briefly opened in Macau without a casino before closing, followed by a lengthy bankruptcy process.
