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Man pleads guilty to Chinese stock fraud
0 Comments | Deseret News (Salt Lake City), Jun 23, 2009
DETROIT (AP) -- A Michigan man described as one of the world's most prolific senders of spam e-mail has pleaded guilty to charges accusing him of defrauding people by manipulating Chinese stock prices.
Prosecutors say 64-year-old Alan Ralsky of West Bloomfield made $3 million in summer 2005 by using an elaborate spam e-mail system to inflate the prices of Chinese stocks on U.S. exchanges.
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He pleaded guilty Monday to conspiracy, fraud and money laundering in federal court in Detroit. Nine of the 11 people indicted last year in the case have pleaded guilty.
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