SEC v. MARK A. MILLER; SAEID JABERIAN; and CHRISTOPHER J. RAJKARAN, District of Minnesota (Jan. 27, 2026) — Judgment

UNITED STATES DISTRICT COURT
DISTRICT OF MINNESOTA

CIVIL NO. 21-1445 (DSD/KMM)

UNITED STATES SECURITIES AND
EXCHANGE COMMISSION,

Plaintiff,

v.    ORDER

MARK A. MILLER, SAEID JABERIAN,
and CHRISTOPHER J. RAJKARAN,

Defendants.

The United States Securities and Exchange Commission having

filed an Amended Complaint and Defendant Saeid Jaberian having

entered a general appearance; consented to the Court’s

jurisdiction over Defendant and the subject matter of this action;

consented to entry of this Final Judgment; waived findings of fact

and conclusions of law; and waived any right to appeal from this

Final Judgment:

I.

 IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is

permanently restrained and enjoined from violating, directly or

indirectly, Section 10(b) of the Securities Exchange Act of 1934

(the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5

promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means

or instrumentality of interstate commerce, or of the mails, or of

2

any facility of any national securities exchange, in connection

with the purchase or sale of any security:

(a) to employ any device, scheme, or artifice to defraud;

(b) to make any untrue statement of a material fact or to

omit to state a material fact necessary in order to make the

statements made, in the light of the circumstances under which

they were made, not misleading; or

(c) to engage in any act, practice, or course of business

which operates or would  operate as a fraud or deceit upon

any person.

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided

in Federal Rule of Civil Procedure 65(d)(2), the foregoing

paragraph also binds the following who receive actual notice of

this Final Judgment by personal service or otherwise:  (a)

Defendant’s officers, agents, servants, employees, and attorneys;

and (b) other persons in active concert or participation with

Defendant or with anyone described in (a).

II.

 IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that

Defendant is permanently restrained and enjoined from violating

Section 17(a) of the Securities Act of 1933 (the “Securities Act”)

[15 U.S.C. § 77q(a)] in the offer or sale of any security by the

use of any means or instruments of transportation or communication

in interstate commerce or by use of the mails, directly or

3

indirectly:

(a) to employ any device, scheme, or artifice to defraud;

(b) to obtain money or property by means of any untrue

statement of a material fact  or any omission of a material

fact necessary in order to make the statements  made, in

light of the circumstances under which they were made, not

misleading;  or

 (c) to engage in any transaction, practice, or course of

business which operates or would operate as a fraud or deceit

upon the purchaser.

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided

in Federal Rule of Civil Procedure 65(d)(2), the foregoing

paragraph also binds the following who receive actual notice of

this Final Judgment by personal service or otherwise: (a)

Defendant’s officers, agents, servants, employees, and attorneys;

and (b) other persons in active concert or participation with

Defendant or with anyone described in (a).

III.

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, pursuant

to Section 21(d)(2) of the Exchange Act [15 U.S.C. § 78u(d)(2)],

Defendant is prohibited from acting as an officer or director of

any issuer that has a class of securities registered pursuant to

Section 12 of the Exchange Act [15 U.S.C. § 78l] or that is

4

required to file reports pursuant to Section 15(d) of the Exchange

Act [15 U.S.C. § 78o(d)].

IV.

 IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that

Defendant is permanently barred from participating in an offering

of penny stock, including engaging in activities with a broker,

dealer, or issuer for purposes of issuing, trading, or inducing or

attempting to induce the purchase or sale of any penny stock. A

penny stock is any equity security that has a price of less than

five dollars, except as provided in Rule 3a51-1 under the Exchange

Act [17 C.F.R. 240.3a51-1].

V.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant

is liable for disgorgement of $66,749, representing net profits

gained as a result of the conduct alleged in the Amended Complaint,

together with prejudgment interest thereon in the amount of

$10,348. The Court finds that sending the disgorged funds to the

United States Treasury, as ordered below, is consistent with

equitable principles. Defendant shall satisfy this obligation by

paying $77,097 to the Securities and Exchange Commission pursuant

to the terms of the payment schedule set forth in paragraph VI

below after entry of this Final Judgment.

 Defendant may transmit payment electronically to the

Commission, which will provide detailed ACH transfer/Fedwire

5

instructions upon request. Payment may also be made directly from

a bank account via Pay.gov through the SEC website at

http://www.sec.gov/about/offices/ofm.htm.  Defendant may also pay

by certified check, bank cashier’s check, or United States postal

money order payable to the Securities and Exchange Commission,

which shall be delivered or mailed to

Enterprise Services Center
Accounts Receivable Branch
6500 South MacArthur Boulevard
Oklahoma City, OK 73169

and shall be accompanied by a letter identifying the case title,

civil action number, and name of this Court; Saeid Jaberian as a

defendant in this action; and specifying that payment is made

pursuant to this Final Judgment.

Defendant shall simultaneously transmit photocopies of

evidence of payment and case identifying information to the

Commission’s counsel in this action. By making this payment,

Defendant relinquishes all legal and equitable right, title, and

interest in such funds and no part of the funds shall be returned

to Defendant. The Commission shall send the funds paid pursuant to

this Final Judgment to the United States Treasury.

The Commission may enforce the Court’s judgment for

disgorgement and prejudgment interest by using all collection

procedures authorized by law, including, but not limited to, moving

for civil contempt at any time after 30 days following entry of

6

this Final Judgment.

Defendant shall pay post-judgment interest on any amounts due

after 30 days of the entry of this Final Judgment pursuant to 28

U.S.C. § 1961.

VI.

Defendant shall pay the total of disgorgement and prejudgment

interest due of $77,097 in five installments to the Commission

according to the following schedule: (1) $2,500, within 30 days of

entry of this Final Judgment; (2) $18,649.25, within 200 days of

entry of this Final Judgment; (3) $18,649.25, within 260 days of

entry of this Final Judgment; (4) $18,649.25, within 310 days of

entry of this Final Judgment; and (5) $18,649.25, within 360 days

of entry of this Final Judgment. Payments shall be deemed made on

the date they are received by the Commission and shall be applied

first to post-judgment interest, which accrues pursuant to 28

U.S.C. § 1961 on any unpaid amounts due after 30 days of the entry

of Final Judgment. Prior to making the final payment set forth

herein, Defendant shall contact the staff of the Commission for

the amount due for the final payment.

If Defendant fails to make any payment by the date agreed

and/or in the amount agreed according to the schedule set forth

above, all outstanding payments under this Final Judgment,

including post-judgment interest, minus any payments made, shall

7

become due and payable immediately at the discretion of the staff

of the Commission without further application to the Court.

VII.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent

is incorporated herein with the same force and effect as if fully

set forth herein, and that Defendant shall comply with all of the

undertakings and agreements set forth therein.

VIII.

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, for purposes

of exceptions to discharge set forth in Section 523 of the

Bankruptcy Code, 11 U.S.C. § 523, the allegations in the Amended

Complaint are true and admitted by Defendant, and further, any

debt for disgorgement, prejudgment interest, civil penalty or

other amounts due by Defendant under this Final Judgment or any

other judgment, order, consent order, decree or settlement

agreement entered in connection with this proceeding, is a debt

for the violation by Defendant of the federal securities laws or

any regulation or order issued under such laws, as set forth in

Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. § 523(a)(19).

IX.

8

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court

shall retain jurisdiction of this matter for the purposes of

enforcing the terms of this Final Judgment.

Dated:  January 26, 2026  /s David S. Doty  __

 David S. Doty, Judge
 United Stated District Court

UNITED STATES DISTRICT COURT 
DISTRICT OF MINNESOTA 

CIVIL NO. 21-1445 (DSD/KMM) 
 
                 

UNITED STATES SECURITIES AND   
EXCHANGE COMMISSION,    
  

Plaintiff,         
  

v.    ORDER 
   
MARK A. MILLER, SAEID JABERIAN,  
and CHRISTOPHER J. RAJKARAN,    
  

Defendants.  
 
 

The United States Securities and Exchange Commission having 

filed an Amended Complaint and Defendant Saeid Jaberian having 

entered a general appearance; consented to the Court’s 

jurisdiction over Defendant and the subject matter of this action; 

consented to entry of this Final Judgment; waived findings of fact 

and conclusions of law; and waived any right to appeal from this 

Final Judgment: 

I. 

 IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or 

indirectly, Section 10(b) of the Securities Exchange Act of 1934 

(the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 

promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means 

or instrumentality of interstate commerce, or of the mails, or of 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 1 of 8



2 

any facility of any national securities exchange, in connection 

with the purchase or sale of any security: 

(a) to employ any device, scheme, or artifice to defraud; 

(b) to make any untrue statement of a material fact or to 

omit to state a material fact necessary in order to make the 

statements made, in the light of the circumstances under which 

they were made, not misleading; or 

(c) to engage in any act, practice, or course of business 

which operates or would  operate as a fraud or deceit upon 

any person. 

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided 

in Federal Rule of Civil Procedure 65(d)(2), the foregoing 

paragraph also binds the following who receive actual notice of 

this Final Judgment by personal service or otherwise:  (a) 

Defendant’s officers, agents, servants, employees, and attorneys; 

and (b) other persons in active concert or participation with 

Defendant or with anyone described in (a). 

II. 

 IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that 

Defendant is permanently restrained and enjoined from violating 

Section 17(a) of the Securities Act of 1933 (the “Securities Act”) 

[15 U.S.C. § 77q(a)] in the offer or sale of any security by the 

use of any means or instruments of transportation or communication 

in interstate commerce or by use of the mails, directly or 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 2 of 8



3 

indirectly: 

(a) to employ any device, scheme, or artifice to defraud; 

(b) to obtain money or property by means of any untrue 

statement of a material fact  or any omission of a material 

fact necessary in order to make the statements  made, in 

light of the circumstances under which they were made, not 

misleading;  or 

 (c) to engage in any transaction, practice, or course of 

business which operates or would operate as a fraud or deceit 

upon the purchaser. 

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided 

in Federal Rule of Civil Procedure 65(d)(2), the foregoing 

paragraph also binds the following who receive actual notice of 

this Final Judgment by personal service or otherwise: (a) 

Defendant’s officers, agents, servants, employees, and attorneys; 

and (b) other persons in active concert or participation with 

Defendant or with anyone described in (a). 

III. 

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, pursuant 

to Section 21(d)(2) of the Exchange Act [15 U.S.C. § 78u(d)(2)], 

Defendant is prohibited from acting as an officer or director of 

any issuer that has a class of securities registered pursuant to 

Section 12 of the Exchange Act [15 U.S.C. § 78l] or that is 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 3 of 8



4 

required to file reports pursuant to Section 15(d) of the Exchange 

Act [15 U.S.C. § 78o(d)]. 

IV. 

 IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that 

Defendant is permanently barred from participating in an offering 

of penny stock, including engaging in activities with a broker, 

dealer, or issuer for purposes of issuing, trading, or inducing or 

attempting to induce the purchase or sale of any penny stock. A 

penny stock is any equity security that has a price of less than 

five dollars, except as provided in Rule 3a51-1 under the Exchange 

Act [17 C.F.R. 240.3a51-1]. 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 

is liable for disgorgement of $66,749, representing net profits 

gained as a result of the conduct alleged in the Amended Complaint, 

together with prejudgment interest thereon in the amount of 

$10,348. The Court finds that sending the disgorged funds to the 

United States Treasury, as ordered below, is consistent with 

equitable principles. Defendant shall satisfy this obligation by 

paying $77,097 to the Securities and Exchange Commission pursuant 

to the terms of the payment schedule set forth in paragraph VI 

below after entry of this Final Judgment. 

 Defendant may transmit payment electronically to the 

Commission, which will provide detailed ACH transfer/Fedwire 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 4 of 8



5 

instructions upon request. Payment may also be made directly from 

a bank account via Pay.gov through the SEC website at 

http://www.sec.gov/about/offices/ofm.htm.  Defendant may also pay 

by certified check, bank cashier’s check, or United States postal 

money order payable to the Securities and Exchange Commission, 

which shall be delivered or mailed to  

Enterprise Services Center 
Accounts Receivable Branch 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 
 

and shall be accompanied by a letter identifying the case title, 

civil action number, and name of this Court; Saeid Jaberian as a 

defendant in this action; and specifying that payment is made 

pursuant to this Final Judgment.   

Defendant shall simultaneously transmit photocopies of 

evidence of payment and case identifying information to the 

Commission’s counsel in this action. By making this payment, 

Defendant relinquishes all legal and equitable right, title, and 

interest in such funds and no part of the funds shall be returned 

to Defendant. The Commission shall send the funds paid pursuant to 

this Final Judgment to the United States Treasury.   

The Commission may enforce the Court’s judgment for 

disgorgement and prejudgment interest by using all collection 

procedures authorized by law, including, but not limited to, moving 

for civil contempt at any time after 30 days following entry of 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 5 of 8



6 

this Final Judgment.  

Defendant shall pay post-judgment interest on any amounts due 

after 30 days of the entry of this Final Judgment pursuant to 28 

U.S.C. § 1961.   

VI. 

Defendant shall pay the total of disgorgement and prejudgment 

interest due of $77,097 in five installments to the Commission 

according to the following schedule: (1) $2,500, within 30 days of 

entry of this Final Judgment; (2) $18,649.25, within 200 days of 

entry of this Final Judgment; (3) $18,649.25, within 260 days of 

entry of this Final Judgment; (4) $18,649.25, within 310 days of 

entry of this Final Judgment; and (5) $18,649.25, within 360 days 

of entry of this Final Judgment. Payments shall be deemed made on 

the date they are received by the Commission and shall be applied 

first to post-judgment interest, which accrues pursuant to 28 

U.S.C. § 1961 on any unpaid amounts due after 30 days of the entry 

of Final Judgment. Prior to making the final payment set forth 

herein, Defendant shall contact the staff of the Commission for 

the amount due for the final payment.  

If Defendant fails to make any payment by the date agreed 

and/or in the amount agreed according to the schedule set forth 

above, all outstanding payments under this Final Judgment, 

including post-judgment interest, minus any payments made, shall 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 6 of 8



7 

become due and payable immediately at the discretion of the staff 

of the Commission without further application to the Court. 

VII. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent 

is incorporated herein with the same force and effect as if fully 

set forth herein, and that Defendant shall comply with all of the 

undertakings and agreements set forth therein. 

VIII. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, for purposes 

of exceptions to discharge set forth in Section 523 of the 

Bankruptcy Code, 11 U.S.C. § 523, the allegations in the Amended 

Complaint are true and admitted by Defendant, and further, any 

debt for disgorgement, prejudgment interest, civil penalty or 

other amounts due by Defendant under this Final Judgment or any 

other judgment, order, consent order, decree or settlement 

agreement entered in connection with this proceeding, is a debt 

for the violation by Defendant of the federal securities laws or 

any regulation or order issued under such laws, as set forth in 

Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. § 523(a)(19). 

IX. 

  

  

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 7 of 8



8 

 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court 

shall retain jurisdiction of this matter for the purposes of 

enforcing the terms of this Final Judgment. 

 
 
Dated:  January 26, 2026  /s David S. Doty  __ 

 David S. Doty, Judge 
 United Stated District Court  

 

CASE 0:21-cv-01445-DSD-ECW     Doc. 145     Filed 01/26/26     Page 8 of 8