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.
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.
Ralsky faces a possible prison sentence of 3-1/2 years or less under his plea agreement.
U.S. Attorney Terrence Berg says Ralsky was at one time the world's most notorious illegal spammer.