Criminal Law

Two Defendants Plan to Plead Guilty to a Shell Company Stock Hijacking Scheme

Two of the three men criminally charged with a brazen scheme to hijack dormant shell companies and fraudulently pump up their stock shares are now set to plead guilty in the case in October, court records reveal.

One of the defendants, Christopher James Rajkaran of Queens, New York, and Guyana, on Monday had a change of plea hearing scheduled for Oct. 7 in Minnesota federal court, records show.

A judge last week denied Rajkaran’s latest effort to be released from a Minnesota jail on bail, saying he “poses a serious risk of nonappearance” in court. Rajkaran’s lawyer declined to comment Tuesday.

Read the source article at cnbc.com

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