Two Men Plead Guilty in "Pump and Dump" Scheme in Minnesota Court

(Minneapolis, MN) -- Two men have pleaded guilty in Federal Court in Minneapolis to fraud charges related to stock manipulation. 

The U.S. Attorney's Office says Mark Allen Miller, 44, of Breezy Point, and Christopher James Rajkaran, 36, of Queens, New York, and Guyana, bought millions of shares in shell companies that were worth fractions of pennies apiece and then created several fake resignation letters, board resolutions and filings - "pumping" up the price of the stock in the process. After the stock was artificially raised, attorneys say, the two sold the stock for huge profits.

Both Miller and Rajkaran pleaded guilty to conspiracy to commit securities fraud.

Another man, 59-year-old Saeid Jaberian, has pleaded not guilty to conspiracy, securities fraud, and wire fraud charges.

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