Alleged Internet spammer settles case

Alleged Internet spammer settles case.

A 20-year-old Kentucky man has agreed to pay more than $100,000 to settle charges that he used the Internet to promote fictitious investments that promised double-digit returns, regulators say.
K.C. Smith was accused of raising about $102,000 from 29 people between May 2000 and February 2003, using the money to pay for personal expenses instead of investing it, the Securities and Exchange Commission said in a lawsuit filed in federal court in Tennessee.

Smith, who did not admit or deny the charges in settling the matter, doesn't have a lawyer, the SEC said, and he did not immediately return a call seeking comment.

Using 9 million spam e-mails and three Web sites, including one with the official SEC seal, Smith "carefully designed his offerings to appeal to even the most risk-averse investors by claiming and implying that investment principal was government-insured," the suit alleged.

None of the money Smith raised through the sites was invested and none of it was insured, according to the complaint. He used the money to pay his living expenses, it added.

Smith lives in Oakville, Kentucky, but resided in Florida and Tennessee during the alleged wrongdoing, regulators said.

He took extensive measures to hide his identity from potential investors, including the use of a disposable cellular phone and numerous aliases, the suit also alleged.

Source: Reuters

 

Sometimes a good ol' fashioned hanging just seems the proper way to go; yaknow?

 

Its good to see someone getting screwed for spamming but its a drop in the ocean.
I'm quite keen on the ol' fashioned hanging though

 

Better one drop then no drop!

BTW: the article proves again, that all spammers are criminals.

About your ol' fashioned hanging though: not bad at all!!!