Thursday, January 3, 2008

Stock Fraud Spammer Indicted, Facing Serious Prison Time

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In the past year is has been virtually impossible to open your e-mail and not find dozens of spams promoting ridiculously cheap stocks with the promise that substantial profits are just around the corner. This is the classic pump and dump stock scam just using e-mail to promote worthless companies so that the scammer can sell their shares for a profit. Those who bought in are left holding the bag as they lose their investments.

One of those responsible for the pump and dump spam e-mails is now facing charges of stock fraud and violating the CAN-SPAM act. Alan Ralsky who has a long history as a spammer is facing 41 counts against him.

This shows that Spamming is not a victimless crime, that those who commit it cannot hide behind their computers. Even though billions of spams originate from server farms in Asia and South America and are routed through compromised computers in millions of homes and businesses the spammers will get caught. Everything they pitch is a scam in one way or another and that's why spammers have to be caught and brought to justice.

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