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The jig may be up for the “spam king.” A federal grand jury in Detroit has indicted Alan Ralsky, his son-in-law, and nine others with running a spamming pump-and-dump scheme.

“Today’s charges seek to knock out one of the largest illegal spamming and hoax operations in the country, an universal scheme

to assemble money by manipulating stock prices through illegal spam e-mail promotions,” U.S. Attorney Stephen Murphy said in a statement.

The spam messages promoted Chinese penny stocks and drove up their prices before they were sold for profit, the government charged. Prosecutors described Raksly as a “prolific spammer.”

Evaded Filters, Tricked Users

As an experienced spammer, Ralsky apparently had created ways to bypass many of […]

Orginal post by Top Tech News