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New York Man Sentenced for Securities Fraud Scheme
A New York man has been sentenced to 18 months in prison for his role in an illegal pump-and-dump stock manipulation scheme.
MINNEAPOLIS – Christopher James Rajkaran, 36, of Queens, New York, and Guyana, was sentenced by Senior U.S. District Judge David S. Doty for his involvement in the scheme.
According to court documents, Rajkaran and his co-defendants hijacked and assumed control over dormant public shell companies, using their control to fraudulently manipulate and pump up the price of the companies’ stock.
The price of the companies’ stock was artificially inflated through fraudulent press releases and filings, allowing Rajkaran and his co-defendants to sell their stock at inflated prices and reap the profits.
Rajkaran pleaded guilty to one count of conspiracy to commit securities fraud on October 7, 2021.
Co-defendant Mark Allen Miller, 44, of Breezy Point, pleaded guilty to one count of conspiracy to commit securities fraud on October 14, 2021.
Co-defendant Saeid Jaberian, 60, of Hopkins, has pleaded not guilty to conspiracy, securities fraud, and wire fraud charges.
The case is the result of an investigation conducted by the U.S. Postal Inspection Service and the FBI, with assistance from the Securities and Exchange Commission.
Assistant U.S. Attorneys Joseph H. Thompson and Miranda E. Dugi are prosecuting the case.
Mandatory Facts:
Defendant: Christopher James Rajkaran, 36, of Queens, New York, and Guyana
Criminal Charges: Conspiracy to commit securities fraud
City and State: Minneapolis, Minnesota
Date: October 7, 2021 (plea) and October 14, 2021 (co-defendant plea)
Sentence: 18 months in prison
Source: Court documents and U.S. Attorney’s Office press release
Key Facts
- State: Minnesota
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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