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.