How Wai John Hui, 50, a Canadian citizen who lived in Vancouver and Hong Kong, is the third of 11 defendants to plead guilty and agree to testify against Ralsky and others.
John Hui, 50, a Canadian citizen who lived in Vancouver and Hong Kong, is the third of 11 defendants to plead guilty and agree to testify against Ralsky and others. Ralsky is the accused ringleader in a conspiracy by which tens of millions of unsolicited e-mail messages were sent to fraudulently pump up the prices of Chinese stocks held by him and his co-conspirators. Ralsky's attorney, Steve Fishman, has said Ralsky will fight the charges. A jury trial is set for September.
Hui, who could face more than six years in prison when he is sentenced in October, was the Chinese connection and the CEO of one of the companies whose stock was artificially inflated as a result of the fraud, Acting U.S. Attorney Terrence Berg said.
"The Internet makes it so much easier to reach this worldwide pool of victims," Berg said. "When you combine that with the ability to pump up stocks through sending millions of messages and being able to manipulate the market, that means a lot of profits for the bad guys and a lot of harm to the victims."
News 1 year ago
