Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Feds Indict 'Spam King'

Michigan man, 10 others face dozens of charges in stock fraud scheme

By Laila Weir,  Newser User

Posted Jan 4, 2008 1:50 PM CST
Email

(Newser) – A federal grand jury has indicted a Michigan man and 10 others for spamming and stock fraud, Reuters reports. Alan Ralsky and his associates face 41 counts related to using spam to promote little-traded Chinese stocks, artificially driving up prices, and then making a killing by selling the stock. Ralsky is one of the US’s most prolific spammers, prosecutors said.

"Today's charges seek to knock out one of the largest illegal spamming and fraud operations in the country,” said a US attorney. Investigators estimate the "pump-and-dump" scheme made the group some $3 million in one summer alone. Ralsky’s attorney said he would turn himself in and fight the charges. Three others, including Ralsky’s son-in-law, are in custody.

SonicWALL statistics show ongoing growth in the volume of spam, virus and phishing attacks, increased use of PDF spam and continual evolution of new ways to circumvent anti-spam solutions. (PRNewsFoto/SonicWALL, Inc.)
SonicWALL statistics show ongoing growth in the volume of spam, virus and phishing attacks, increased use of PDF spam and continual evolution of new ways to circumvent anti-spam solutions. (PRNewsFoto/SonicWALL,...   (Associated Press)
Alan M. Ralsky poses in his West Bloomfield, Mich., office in this July 30, 2002, file photo. Ralsky is described as one of America's most prolific senders of spam e-mail and was among 11 people accused in an indictment of defrauding people by manipulating Chinese stock prices, U.S. Attorney...
Alan M. Ralsky poses in his West Bloomfield, Mich., office in this July 30, 2002, file photo. Ralsky is described as one of America's most prolific senders of spam e-mail and was among 11 people accused...   (Associated Press)
Mike Oertel, left, and Tom Flint, right, work on the tower of the castle built with cans of Spam made by Hormel in this July 16, 2007 file photo, at the Mall of America in Bloomington, Minn. Hormel Foods Corp. said Thursday, Aug. 23, 2007 its fiscal third-quarter profit fell...
Mike Oertel, left, and Tom Flint, right, work on the tower of the castle built with cans of Spam made by Hormel in this July 16, 2007 file photo, at the Mall of America in Bloomington, Minn. Hormel Foods...   (Associated Press)
Hormel products line the shelves of a grocery store in a Springfield, Ill. file photo from Aug. 22, 2006. Hormel Foods Corp. said on Thursday, May 24, 2007 its second-quarter earnings rose 1 percent and lowered its full-year guidance as the maker of Spam lunch meat and Jennie-O turkey felt...
Hormel products line the shelves of a grocery store in a Springfield, Ill. file photo from Aug. 22, 2006. Hormel Foods Corp. said on Thursday, May 24, 2007 its second-quarter earnings rose 1 percent and...   (Associated Press)
A sign advertising Spam lunch meat breakfast at Burger King in Honolulu, Sunday, June 10, 2007. Both Burger King and McDonalds are offering the processed meat with eggs and rice for breakfast in Hawaii only. Hawaii leads the nation in Spam consumption despite being one of the least populated states....
A sign advertising Spam lunch meat breakfast at Burger King in Honolulu, Sunday, June 10, 2007. Both Burger King and McDonalds are offering the processed meat with eggs and rice for breakfast in Hawaii...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

Ralsky is no stranger to the law
Slashdot

Spamhaus entry on Ralsky
The Spamhaus Project

Rundown of the case and the charges
Detroit News

 
spam • Chinese stock market • Internet fraud • stock fraud

More Newser Stories

Court Pokes Facebook Spammer for $873M

Surfers Beware: Danger Could Lurk at .hk, .cn

NY Times Mistakenly Sends Email to 9M People

Inventor of Microsoft's Spam Filter Out to Kill HIV

Feds Grab 150 Websites in Counterfeit Case
NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne