Skip to main content

Charges: 2 Minnesota men made thousands on 'pump-and-dump' scheme

They're accused of hijacking shell companies and pumping up stock prices before selling them for profit.

Three people, including two Minnesotans, have been accused of running an illegal "pump-and-dump" stock manipulation scheme. 

The men —  Mark Allen Miller, 43, of Breezy Point, Minnesota; Saeid Jaberian, 59, of Hopkins, Minnesota; and Christopher James Rajkaran, 35, of Queens, New York, and Guyana — "devised and carried out a scheme to surreptitiously hijack" and take over dormant companies, and then inflated the companies' stock to make money, the U.S. Attorney's Office of Minnesota alleges

The U.S. Attorney's Office, citing court documents, said the three men acquired large amounts of stock in dormant public shell companies that were trading at often less than 1 cent per share and then would assume control over the shell companies by creating and filing fake resignation letters and board resolutions. They would issue fake press releases and filings to "pump up" the price of the companies' stock and then "dump" (sell) their stock at inflated prices. 

Investigators believe the men made hundreds of thousands of dollars through this scheme, which ran from 2017-2019, CNBC reports

A 15-count indictment charges the men with conspiracy to commit securities fraud, securities fraud and wire fraud. 

Rajkaran was arrested on June 18 in New York and has made his initial court appearance. Miller and Jaberian have not made their first court appearances as of Tuesday morning.

Next Up

Wild

Wild flip the script, dominate Blackhawks

Ryan Hartman scored twice to earn the first game of a back-to-back.

Hopkins Basketball

Hopkins suffers rare loss to No. 1 ranked Sidwell Friends

The Royals held their own in a battle of the nation's best.

argue-wertman booking photos

Charges: 2 teens responsible for violent carjacking spree across Twin Cities

They face a combined 31 felony counts, all tied to carjackings and related crimes.

rep nolan west mn house

MN rep. says he was 'assaulted' at activist group's public meeting

The Republican said a man grabbed his arms and yanked him from the room.

Screen Shot 2022-01-20 at 12.56.52 PM

What were the 'bizarre things' seen in Minnesota's sky?

The mysterious streaks were not UFOs and they weren't pieces of an asteroid.

icicles, freezing weather, cold weather

Booming noises in the night could be frost quakes

The loud sounds are most likely to happen during the middle of the night.

coronavirus, coronavirus test, covid-19

Free COVID testing site to open in St. Paul for 3 weeks

The federal testing site comes as demand for testing remains high.

Reyel Simmons photo 1 - complaint - crop

MN TikToker accused of faking federal agent life pleads guilty

He told his 10,000 followers he was a Homeland Security agent — authorities say it was a lie.

Wilf

Report: Vikings request second interview with 2 GM candidates

Ryan Poles of the Chiefs and Kwesi Adofo-Mensah of the Browns.

Amaya Battle

Hopkins takes on No. 1 team in the country on ESPNU Friday

The game will feature a pair of top recruits in the Class of 2022.

st. paul federation of educators - teachers

Educators in Minneapolis, St. Paul could strike amid contract negotiations

Teachers and support staff are demanding smaller class sizes, mental health support and better pay.

Related

Stock market chart

MN city councilor resigns following charges in stock manipulation scheme

Mark Allen Miller, 43, was charged with conspiracy to commit securities fraud, securities fraud and wire fraud.

court gavel

8 people charged in Medicaid fraud scheme totaling $860K

Collectively, they're charged with 46 counts of felony theft.

jared fiege

Charges: Duluth man's scheme netted him thousands in COVID relief funds

He is accused of stealing people's identities to submit fake Unemployment Insurance applications.

Screen Shot 2019-08-19 at 8.08.05 PM

6 men charged in connection to 'disturbing trend' of carjackings, shootings

The men are accused of three carjackings in one day, as well as other crimes.

u.s. attorney

Charges: Red Lake man with knife sexually assaulted victim

He's also charged with one count of assault with a dangerous weapon.

Stock market chart

Ex-council member pleads guilty to stock manipulation scheme

Mark Allen Miller pleaded guilty alongside one other man to conspiracy to commit security fraud in U.S. District Court.

Lane kueng thao chauvin

4 former officers indicted on federal charges in George Floyd's killing

They're accused of violating George Floyd's civil rights.

mitchell ottinger

Substitute teacher accused of 'sextortion' of children, adult

The 25-year-old Carver man would pretend to be a young female to get his victims to send them nude photos, charges say.