On Monday, a federal judge sentenced a suburban Detroit man to four years in prison for his role in a 2005 stock fraud scheme that included $2.7 million in ill-gotten gains. The man, Alan Ralsky of Oakland County’s West Bloomfield Township, was accused by the feds of being one of the most prolific spammers in the world.
A story in today’s Detroit Free Press provides some of the background:
Alan Ralsky, 63, pleaded guilty in June to conspiracy to commit wire fraud, mail fraud and to violating the federal CAN-SPAM Act, which bans misleading subject lines in e-mail and the sending of commercial e-mail messages that appear to be from friends.
An indictment in U.S. District Court in Detroit charged that Ralsky of West Bloomfield, his son-in-law Scott Bradley and others used unsolicited e-mail to pump up the price of penny stock in Chinese companies to artificially high prices, and then sold it.
The Associated Press’ account provided this epilogue — of sorts — to the case:
Ralsky told Detroit U.S. District Judge Marianne Battani during Monday’s sentencing that he took full responsibility for his crimes. He said his company specialized in mass Internet mailings, and he entered the business with good intentions.