SEC v. Mark A. Miller; Saeid Jaberian; and Christopher J. Rajkaran, No. LR-26467, District of Minnesota (Jan. 27, 2026) — Press Release
raw: Saeid Jaberian
Saeid Jaberian, No. LR-26467 (Jan. 27, 2026)
summary
Saeid Jaberian, Christopher Rajkaran, and Mark A. Miller orchestrated a penny-stock pump-and-dump scheme, resulting in final judgments involving prison time and over $260,000 in combined disgorgement.
paragraph
The SEC successfully resolved its enforcement action against Saied Jaberian, Christopher Rajkaran, and Mark A. Miller for hijacking inactive penny-stock companies to manipulate stock prices. Jaberian was ordered to pay $66,749 in disgorgement plus $10,348 in interest, while Rajkaran and Miller faced disgorgement obligations of $68,001 and $126,007, respectively. The defendants also faced criminal charges, with Rajkaran and Miller receiving prison sentences of 18 months and 12 months, respectively.
narrative
Between July 2017 and April 2019, Saied Jaberian, Christopher Rajkaran, and Mark A. Miller engaged in a fraudulent scheme to hijack inactive penny-stock companies and issue misleading statements to manipulate stock prices. The SEC's enforcement action concluded with a final consent judgment against Jaberian, who must pay $66,749 in disgorgement plus $10,348 in interest. In parallel criminal proceedings, Rajkaran and Miller received prison sentences of 18 months and 12 months, respectively, while Jaberian was sentenced to probation. All three defendants were subject to permanent injunctions and barred from serving as officers or directors of public companies or participating in penny-stock offerings. Total disgorgement obligations across the three defendants exceed $260,000, with portions of Rajkaran's and Miller's payments satisfied through criminal forfeiture orders.
Classified pump-and-dump(confidence 99%). EDGAR detection: forms S-8/S-1/424B/8-K· recall 69% / precision 12%. detection rule →
Parties
Securities and Exchange CommissionMark A. MillerSaeid JaberianChristopher J. Rajkaran
Keywords
securities exchangejaberiansecuritiesmillerconsentsaeid jaberianfinal consentparallel criminalplus prejudgmentprejudgment interestviolating securitiesexchange thereunderparticipating offeringoffering pennypenny stock
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 8
- $126K $126,007 $100K–$1M
- $68K $68,001 $10K–$100K
- $67K $66,749 $10K–$100K
- $53K $53,487 $10K–$100K
- $38K $38,292 $10K–$100K
- $10K $10,348 $10K–$100K
- $10K $10,223 $10K–$100K
- $10K $9,536 <$10K
Entities 7
- scheme_term conspiracy to commit securities fraud
- scheme_term criminal securities fraud
- court district court
- person final consent judgment
- person fraudulent scheme
- agency Securities and Exchange Commission
- court united states district court for the district of minnesota
Triples 9
- SEC Obtains Final Consent Judgment
- United States District Court For The District Of Minnesota Entered Final Consent Judgment
- Jaberian, Rajkaran, And Miller Engaged In Fraudulent Scheme
- Jaberian Pleaded Guilty To Criminal Securities Fraud
- Jaberian Received Sentence To Probation
- Rajkaran And Miller Pleaded Guilty To Conspiracy To Commit Securities Fraud
- The Judgment Orders Jaberian To Pay Disgorgement
- District Court Entered Default Judgment As To Rajkaran
- District Court Ordered Miller Liable For Disgorgement
PDF (from attached: judgment)
Text layers
Extracted body text (3,275c)
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26467 / January 27, 2026Securities and Exchange Commission v. Mark A. Miller, Saeid Jaberian and Christopher J. Rajkaran No. 21-cv-01445 (D. Minn. filed June 18, 2021)SEC Obtains Final Consent Judgment as to Minnesota Individual Charged in Pump-And-Dump Investment SchemeOn January 26, 2026, the United States District Court for the District of Minnesota entered a final consent judgment in the SEC’s enforcement action against Saied Jaberian of Hopkins, Minnesota.According to the SEC’s amended complaint, filed on November 1, 2021, Jaberian, Christopher Rajkaran, and Mark A. Miller engaged in a fraudulent scheme to hijack or assume control of inactive penny-stock companies between July 2017 and April 2019, cause the companies to issue false and misleading statements, and pump and dump the publicly traded stock of those companies as well as two other public issuers.In a parallel criminal action, filed by the United States Attorney’s Office for the District of Minnesota, Jaberian pleaded guilty to one count of criminal securities fraud and was sentenced to probation for a term of two years. Rajkaran and Miller also pleaded guilty to conspiracy to commit securities fraud and were sentenced to 18 months and 12 months and one day of imprisonment, respectively, followed by two years of supervised release, and ordered to pay criminal forfeiture.With the entry of the final consent judgment, the SEC’s enforcement action is fully resolved. The judgment orders Jaberian to pay disgorgement in the amount of $66,749, plus $10,348 in prejudgment interest, and restates permanent injunctions, originally entered on April 9, 2025, that enjoined Jaberian from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and barred him from participating in an offering of any penny stock or acting as an officer or director of a public company.On December 5, 2024, the District Court entered a default judgment as to Rajkaran, which enjoined him from violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, barred him from participating in an offering of any penny stock or from acting as an officer or director of a public company, and held him liable for disgorgement of $68,001, plus prejudgment interest of $10,223, with $53,487 of the disgorgement obligation deemed satisfied by Rajkaran’s consent to a money judgment forfeiture order in connection with his parallel criminal case. On February 12, 2025, following Miller’s consent to injunctive relief enjoining him from violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and barring him from participating in an offering of any penny stock or acting as an officer or director of a public company, the District Court ordered Miller liable for disgorgement of $126,007, plus prejudgment interest of $9,536, with $38,292 of the disgorgement obligation deemed satisfied by Miller’s consent to a money judgment forfeiture order in connection with his parallel criminal case.The SEC’s litigation was handled by Alyssa A. Qualls, Robert M. Moye, and Raven A. Winters.
OCR text (3,275c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSIONLitigation Release No. 26467 / January 27, 2026Securities and Exchange Commission v. Mark A. Miller, Saeid Jaberian and Christopher J. Rajkaran No. 21-cv-01445 (D. Minn. filed June 18, 2021)SEC Obtains Final Consent Judgment as to Minnesota Individual Charged in Pump-And-Dump Investment SchemeOn January 26, 2026, the United States District Court for the District of Minnesota entered a final consent judgment in the SEC’s enforcement action against Saied Jaberian of Hopkins, Minnesota.According to the SEC’s amended complaint, filed on November 1, 2021, Jaberian, Christopher Rajkaran, and Mark A. Miller engaged in a fraudulent scheme to hijack or assume control of inactive penny-stock companies between July 2017 and April 2019, cause the companies to issue false and misleading statements, and pump and dump the publicly traded stock of those companies as well as two other public issuers.In a parallel criminal action, filed by the United States Attorney’s Office for the District of Minnesota, Jaberian pleaded guilty to one count of criminal securities fraud and was sentenced to probation for a term of two years. Rajkaran and Miller also pleaded guilty to conspiracy to commit securities fraud and were sentenced to 18 months and 12 months and one day of imprisonment, respectively, followed by two years of supervised release, and ordered to pay criminal forfeiture.With the entry of the final consent judgment, the SEC’s enforcement action is fully resolved. The judgment orders Jaberian to pay disgorgement in the amount of $66,749, plus $10,348 in prejudgment interest, and restates permanent injunctions, originally entered on April 9, 2025, that enjoined Jaberian from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and barred him from participating in an offering of any penny stock or acting as an officer or director of a public company.On December 5, 2024, the District Court entered a default judgment as to Rajkaran, which enjoined him from violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, barred him from participating in an offering of any penny stock or from acting as an officer or director of a public company, and held him liable for disgorgement of $68,001, plus prejudgment interest of $10,223, with $53,487 of the disgorgement obligation deemed satisfied by Rajkaran’s consent to a money judgment forfeiture order in connection with his parallel criminal case. On February 12, 2025, following Miller’s consent to injunctive relief enjoining him from violating Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and barring him from participating in an offering of any penny stock or acting as an officer or director of a public company, the District Court ordered Miller liable for disgorgement of $126,007, plus prejudgment interest of $9,536, with $38,292 of the disgorgement obligation deemed satisfied by Miller’s consent to a money judgment forfeiture order in connection with his parallel criminal case.The SEC’s litigation was handled by Alyssa A. Qualls, Robert M. Moye, and Raven A. Winters.