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The feds have dethroned another "spam king," who, like the ones before him, will spend a little bit of time behind bars. Alan Ralsky, 63, pleaded guilty to commit wire fraud, mail fraud, and to violating the federal CAN-SPAM Act.
What landed Ralsky in hot water was allegedly sending out unsolicited email to jack up the price of penny stock in Chinese companies to artificially high prices, and then selling it. Ralksy's Internet stock scheme netted him $2.7 million, as well as the attention of the feds and ultimately a 4-year prison sentence.
"With today's sentence of the self-proclaimed 'Godfather of Spam,' Alan Ralsky, and three others who played central roles in a complicated stock spam pump and dump scheme, the court has made it clear that advancing fraud through abuse of the Internet will lead to several years in prison," said U.S. Attorney Terrence Berg. "I commend the FBI, the Postal Inspection Service, and the IRS Criminal Investigative Division for their determined and careful investigation in this case which led to today's result."
Ralsky, who pleaded guilty back in June of this year, may have gotten off a little light, as he faced up to 7 years in prison.