Tuesday, June 23, 2009

Alan M. Ralsky Pleads Guilty To Fraud

The accused mastermind of a scheme that pumped up the value of "pink sheet" Chinese penny stocks through tens of millions of unsolicited e-mails pleaded guilty today to federal fraud charges.

Alan M. Ralsky, 64, of West Bloomfield Township, known as the "Spam King" for his years as a prolific e-mailer for hire, entered pleas to fraud and money laundering charges late today before U.S. District Judge Marianne O. Battani.

Also pleading guilty were Ralsky's son-in-law, Scott K. Bradley, 38, also of West Bloomfield Township, and co-conspirators James E. Fite, 36, of Culver City, Calif., John S. Bown, 45, of Fresno, Calif., and William C. Neil, 46, of Fresno, Calif., according to federal authorities.


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