Rajkaran and Miller pleaded guilty to one count of conspiracy to commit securities fraud before U.S. District Court Senior Judge David S. Doty.
As part of his guilty plea, Miller agreed to the forfeiture of $38,000 in ill-gotten profits. Based on federal sentencing guidelines, he is facing a prison sentence of 30 to 37 months. He is also facing a monetary penalty of $10,000 to $100,000. Judge Doty will determine his actual punishment.
During his plea hearing, Miller said, “I’m guilty of the summary that you walked through,” as quoted by CNBC.
The defendants’ third co-conspirator, Saeid Jaberian of Hopkins pleaded not guilty to conspiracy, securities fraud, and wire fraud charges.
In June, the U.S. Attorney’s Office for the District of Minnesota filed securities fraud charges against Miller, Rajkaran, and Jaberian.
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