Businessman pleads guilty to taking part in 'pump and dump' scams

A Hong Kong businessman has pleaded guilty to taking part in ‘pump and dump' scams.

 

How Wai John Hui, a resident of Hong Kong and Vancouver, Canada, was the CEO of China World Trade whose stock was artificially inflated as a result of the scam.

 

He is believed to have been part of a gang that included Alan Ralsky, who was accused by the United States Department of Justice to have made $3 million through illegal spam operations.

 

In the past Ralsky has claimed that he is not a spammer, but a legitimate email marketer who abides by the law.

 

Hui's fellow gang members Francis “Frankie” Tribble and Judy Devenow pleaded guilty to conspiracy and other charges in October, and are scheduled to be sentenced next year. They have all agreed to give evidence against Ralsky. As part of his plea agreement with prosecutors, Hui could face a sentence of between 63 and 78 months in jail.

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