An Australian who sent out millions of spam emails to boost the share price of a US company, has been been jailed.
Steven George Hourmouzis made US$17,000 by selling shares in the company, days after the emails tipped the share price to rise 900 percent.
Hourmouzis sent up to four million spam, or unsolicited emails in May 1999, claiming that the share price of Rentech, an American company listed on the Nasdaq index, was about to rise from 33 cents to US$3. He also posted messages on Internet bulletin boards having bought 65,500 company shares a few days earlier, which he then sold making a US$17,000 profit.
Hourmouzis was sentenced to two years with 21 months suspended. He will serve three months in jail. He pleaded guilty to two charges of making a statement or disseminating information that was false or misleading in relation to securities, and one charge relating to unlawful use of computer systems.
The US Securities and Exchange Commission is thought to be pursuing Hourmouzis for US$30,000.
