A federal grand jury in Detroit has indicted a Michigan man dubbed the "spam king" in an international illegal bulk e-mailing and stock fraud scheme. The 41-count indictment charges Alan Ralsky, 52, of West Bloomfield, MI, his son-in-law, and nine others with operating a spamming operation that focused on running a stock "pump and dump" scheme.
The group would send spam touting thinly traded Chinese penny stocks, drove up their stock price, and reaped profits by selling the stock at artificially inflated prices.
Ralsky is described as one of the most prolific spammers in the U.S. The indictment followed a three-year investigation. It is estimated that those charged earned approximately $3M during the summer of 2005 alone.
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Friday, January 04, 2008
Hero Of The Week: Justice Department Spam Investigators
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2 comments:
Hang him high and make sure he swings!
I have gotten an interesting email, I'm sure it falls under the category mentioned above, and I would like to see the writer prosecuted. Who should I contact?
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