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Detroit Spammer Pleads Guilty To Stock Fraud
Mike Sachoff
Staff Writer
2009-06-23
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Alan Ralsky, a notorious spammer, pleaded guilty Monday in federal court in Detroit for his role in a stock fraud case involving spam messages that promoted Chinese "penny" stocks.
 | | Detroit Spammer Pleads Guilty To Stock Fraud |  |
Ralsky and four other people pleaded guilty, joining three others who pleaded guilty earlier, the U.S. Department of Justice announced.
According to court records, from January 2004 through September 2005, Ralsky and others engaged in a related set of conspiracies designed to use spam emails to manipulate thinly traded stocks and profit by trading in those stocks once their share prices increased after recipients of the spam emails traded in the stocks being promoted.
"Alan Ralsky was at one time the world's most notorious illegal spammer," said U.S. Attorney Terrence Berg. "Today Ralsky, his son-in-law Scott Bradley, and three of their co-conspirators stand convicted for their roles in running an international spamming operation that sent billions of illegal e-mail advertisements to pump up Chinese 'penny' stocks and then reap profits by causing trades in these same stocks while others bought at the inflated prices.
"Using the Internet to manipulate the stock market through spam e-mail campaigns is a serious crime, and this case serves notice that federal law enforcement has the both the capability and the will to successfully investigate, prosecute and punish such cybercrimes."
Ralsky, 64, of West Bloomfield, Mich., pleaded guilty to commit wire fraud, mail fraud and to violate the CAN-SPAM Act. Under the terms of his plea agreement, Ralsky acknowledges he is facing up to 87 months in prison and a $1 million fine under federal sentencing guidelines.
View All Articles by Mike Sachoff
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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