A northern Minnesota city council member charged in a "pump-and-dump" stock manipulation scheme has resigned from his post.
Mark Allen Miller, 43, who sat on the Breezy Point City Council, was charged alongside two other men earlier this month with conspiracy to commit securities fraud, securities fraud and wire fraud.
Miller submitted his letter of resignation to the city administrator on June 23.
“I, Mark Miller, Effective Immediately Resign my position as City Council Member for the City of Breezy Point,” Miller’s resignation letter reads.
Miller did not address the charges in his resignation letter, which was forwarded to Bring Me The News.
According the U.S. Attorney's Office, Miller and the other men are accused of buying the stock of dormant companies and assuming control with fake resignation letters and board resolutions.
They would then appoint one or more of the men as officers and directors and increase the value of the stock with fake press releases and filings.
The men would then “dump,” or sell the stock at the inflated prices. The men made hundreds of thousands of dollars through this scheme between 2017 and 2019, according to CNBC.