A man dubbed the ‘Godfather of spam' has been sentenced to 51 months in jail.
According to the Washington Post, Alan M. Ralsky pleaded guilty in a case involving the sale of counterfeit high-tech computer parts to the US military.
According to the US government, Ralsky was a top promoter of so-called pump-and-dump scams, schemes in which fraudsters buy up a bunch of low-priced microcap stock, blast out millions of spam emails touting it as a hot buy and then dump their shares as soon as the share price ticks up from all of the spam respondents buying into the scam.
Along with two co-conspirators, Ralsky will also be subject to five years of supervised release and will forfeit $250,000 the government seized from him in December 2007. Also indicted was Ralsky's son-in-law, Scott K. Bradley, who was sentenced last week to 40 months in prison and the same supervised release terms.
How Wai John Hui, got 51 months in prison, followed by three years supervised release while John S. Brown received 32 months and a three years supervised release.