Convicted fraudster and notorious spammer Alan Ralsky is facing up to 87 months in jail after pleading guilty to his part in a pump-and-dump stock spam scam.
He and his accomplices used spam email to build interest in low value stock held by individuals in China and Hong Kong.
When enough interest had been generated to see a good rise in the stock price they then sold out, making a good profit whilst others lost out on the then overvalued stocks.
The conclusion of a three year investigation by by the FBI could also see fines of up to $1 million being levied against the defendants too.
You can read more about Alan Ralsky at The Register.
{ 2 comments… read them below or add one }
Do you think taking this guy out of the system will reduce the amount of spam we get?
Probably not, there’s just so much of it and always somebody else waiting to add to the problem unfortunately