Man Charged with Securities Fraud Probably Tried to Seize Florida Company

According to court filings, a man from Minnesota who was charged with securities fraud in what appeared to be a scheme set to hijack dormant shell companies might have also seized the control of a penny-stock company from Florida, CNBC informed.

The Securities and Exchange Commission and the Federal prosecutors filed separate civil and criminal actions in the federal court of Minnesota accusing, Mark Miller of using fake documentation in order to acquisition inactive shell firms and maliciously inflate their prices on the stock market, before selling their shares for a profit.

Miller, 43, lives in Breezy Point, Minnesota, where he served as a GOP member of the city council until he submitted his resignation after he was indicted.

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