Peter Lee Coker Jr, former chairman of The 13 Hotel in Macau, was arrested for allegedly manipulating stocks to help his company’s growth.
Macau.- Peter Coker Jr., a former executive director and chairman of South Shore Holdings – which owns and operates The 13 Hotel, a luxury hotel in Macau that filed for voluntary liquidation in June 2021 – was arrested in a hotel room in a joint operation between Thai police and the FBI.
U.S. authorities issued an arrest warrant for him last month, the Bangkok Post reported. Coker Jr. could face up to 20 years in prison. He is accused of hiring stock traders to manipulate the company’s stock price.
Shares initially traded at $1.25 but then jumped to $12.99 each, and Coker Jr. and his accomplices allegedly transferred 3.5m shares to a nominee in Macau, making Coker Jr. a major shareholder in the company.
The 13 Hotel halted operations in February 2020 amid the Covid-19 pandemic. South Shore Holdings has been seeking prospective buyers for The 13. The company wanted a sale as soon as possible to improve the group’s liquidity and financial position.