'Godfather of Spam' Gets 51-Month Prison Sentence
| 24 Nov, 2009
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Alan Ralsky, the self-proclaimed "Godfather of Spam," was sentenced to 51 months in prison for a scheme that used spam to manipulate stock prices to make a profit.
According to NetworkWorld, Ralsky ran a pump-and-dump scam in which he sent out batches of spam that pushed people to buy thinly traded stocks in an effort to boost the stock prices. The spam dealt mostly with U.S. companies that were owned and controlled by people in Hong Kong and China.
Ralsky pleaded guilty to conspiring to commit wire fraud, mail fraud and violating the CAN-SPAM act. Five others involved the scam are awaiting sentencing.
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