Saeid Jaberian
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26467 / January 27, 2026
Securities 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 Scheme
On 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.