An Internet spammer who sent over four million spam emails and placed misleading messages on Internet bulletin boards in order to hike up the value of shares in a US company has been given a two-year suspended sentence.
Wayne John Loughnan of Queensland pleaded guilty to three charges brought against him by the Australian Securities and Investments Commission (ASIC).
Two of the charges related to Loughnan making misleading statements that were likely to encourage people to buy shares in US company Rentech via spam email and the placing of messages on Raging Bull and Yahoo Internet bulletin boards in May 1999.
The bulletin board messages said that the price of Rentech stock would increase to US$3.00 or more, from the then price of around US$0.33, pending the release of patents by the company.
Recipients of Loughnan's spam mail were told that the price of Rentech stock would increase by up to 900 percent in the next few months.
The third charge related to Loughnan's "interference with, interruption of or obstruction of the lawful use of computers operated by ten unrelated third parties".
Loughnan's two-year jail sentence was wholly suspended and he was ordered to pay a three-year good behaviour bond of AU$5000.
Loughnan has paid the United States Securities and Exchange Commission (SEC) US$3696.70 (AUS$7000) which represents the profit he made from the scam.
SEC has instituted its own proceedings against Loughnan.
