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March 5, 2021
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SPAM SCAM
(2008-01-04)
(wgvu) - DETROIT'S TOP FEDERAL PROSECUTOR SAYS A MAN WHO
IS ONE OF THE NATION'S LEADING SENDERS OF "SPAM" E-MAIL MADE
MILLIONS OF DOLLARS BY MANIPULATING CHINESE STOCK PRICES.
ALAN RALSKY OF WEST BLOOMFIELD WAS AMONG 11 PEOPLE WHOSE
INDICTMENTS WERE UNVEILED THURSDAY.
U.S. ATTORNEY STEPHEN MURPHY SAYS THE SCHEME SENT TENS OF
MILLIONS OF E-MAIL MESSAGES TO COMPUTERS WORLDWIDE TRYING TO
INFLATE PRICES FOR CHINESE PENNY STOCKS.
MURPHY SAYS THE DEFENDANTS THEN SOLD THE STOCKS AT INFLATED
PRICES. HE SAYS RALSKY EARNED ABOUT $3 MILLION IN THE SUMMER OF
2005 ALONE.
RALSKY AND SEVEN OTHER DEFENDANTS REMAIN AT LARGE. CONVICTION ON
THE MOST SERIOUS CHARGES, MAIL FRAUD AND WIRE FRAUD, CARRIES UP TO
20 YEARS IN PRISON AND A $250,000 FINE.

(COPYRIGHT 2008 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


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