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Spammer Admits to Charges of Conspiracy & Fraud

A former trade executive pleaded guilty on December 16, 2008 in federal court of Detroit, US, for his alleged involvement in a worldwide fraud racket in which mass unsolicited commercial e-mails were sent out manipulating the share market.

How Wai John Hui, aged 50 and the Ex-Chief Executive Officer (CEO) of China World Trade, admitted to conniving for mail fraud, wire fraud, e-mail fraud as well as money laundering. Hui, who resided both in Canada and Hong Kong, was charged after an investigation that carried for three years by the IRS, the US Postal Inspection Service and FBI.

Maurice Aouate, Special Agent, the IRS Criminal Investigation Office, said that in the modern competitive global business, there are handful people who illegally regulate the system to make personal profits, as reported by freep on December 17, 2008.

Besides, according to Terrence Berg, the US Attorney, internet is a highly convenient source for malicious people to reach the global pool of potential victims. And when it is combined with the capability to drive up stock prices by dispatching millions of e-mails and the ability to illegally regulate their buying and selling operations, it means the con boys are able to make enormous profits and do lots of damages to innocent victims, as reported by detnews on December 17, 2008.

The US Department of Justice in Washington said that wire and e-mail fraud is regarded as a crime liable for a 30 years punishment, but under Hui's plea agreement in court, he would have to face a sentence of 63-78 months. Nevertheless, the sentencing date is yet to be decided.

The reports also state that if Hui cooperates in the prosecution of the other defendants, he would receive a reduced sentence of 32-39 months. He would also be required to forfeit $500,000 in illicit earnings.

Moreover, as per the court records, Hui connived with West Bloomfield's Alan Ralsky and others during 2005 to distribute some ten million or more unsolicited mass commercial e-mails advertising not very highly priced stocks of Chinese companies in a 'pump-and-dump' stock scam.

Related article: Spammers Continue their Campaigns Successfully

ยป SPAMfighter News - 12/23/2008

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