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Written by Jamie Simpson, LawServer Attorney-Editor
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Last Updated October 22, 2008 |
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The U.S. Department of Justice announced that Judy M. Devenow, 56, of Lansing, Michigan, has pled guilty to charges of conspiracy, fraud in connection with eclectronic mail, mail and wire fraud, and aiding and abetting electronic mail fraud. Devenow allegedly engaged in a worldwide spamming operation designed to promote Chinese penny stocks to artificially inflate them and subsequently profit from sales at the increased stock price. Court records claim that Devenow conspired with Alan Ralsky to send spam emails herself as well as managing several other spammers. False headers were used in the emails to help prevent users and Internet providers from detecting an blocking the messages. The so-called "pump and dump" allegedly took place from January 2004 through September 2005, utilizing U.S. mail, wire communications and common carriers to further distribute false and misleading information to promote the sale of thinly traded stock. Acting U.S. Attorney Terrence Berg teamed with investigators from the FBI, IRS and the U.S. Postal Inpection Services in preparing the case against Devenow, who faces up to 41 months in prison and $7500 in fines.
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