On Monday, November 24, 2009 the internet-spamming world was dealt a terrible blow when Alan Raisky, 61, of West Bloomfield MI was sentenced to 51 months in prison and another 5 years of probation. The self-labeled “godfather of spam” was convicted for his part in leading micro-cap stock “pump and dump” schemes. For those of you who are exactly like me and barely understand the term micro-cap, here is what a pump and dump scheme is.
Raisky and his wiley band of web-based malcontents would pick a cheap stock, buy large quantites when it was very cheap and then literally flood the internet (very much against Al Gore’s original intent) with messages indicating this stock was the next “hot buy”. As recipients would buy the stock and send the price up, Raisky would sell. Hence pump and dump.
So, Raisky is off to prison and then supervised release and finally…finally, all my Nigerian friends that are the attorneys for/children of/ wives of/ couriers for wealthy Nigerian families that need my help to get money out of that country and into ours, can do so respectfully.
“Jim, you have written a wonderful book! I am very, very proud of you!”
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