On Monday, the man known as the ”Spam King’ of America, and four of his cronies plead guilty in federal court for their roles in an international spamming scheme.

Alan Ralsky was at the center of an email spamming scheme that sent billions of illegal e-mail advertisements to pump up Chinese “penny” stocks.

“Ralsky, 64, of West Bloomfield, Mich., who served as the chief executive officer and primary deal maker for the spam operation, pleaded guilty to a variety of charges, including wire fraud, money laundering and violating the Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM Act), which prohibits the falsification of certain information used in the transmission of e-mail. He faces up to 87 months in prison and a $1 million fine.”

Ralsky’s sentencing guidelines are 75-87 months, but since he “fully cooperated” with the government, he is going to try and get a plea agreement of 35-43 months.

Ralsky’s lawyer remains skeptical about the harm his client actually caused and questioned the purpose of the law he was prosecuted under, namely, the CAN-SPAM Act.

The federal lawyers see it like this though:

“Using the Internet to manipulate the stock market through spam e-mail campaigns is a serious crime, and this case serves notice that federal law enforcement has the both the capability and the will to successfully investigate, prosecute and punish such cybercrimes,” said Terrence Berg, the U.S. attorney for the Eastern District of Michigan, in a statement.

The prosecution is the U.S. Department of Justice’s largest to date under the 2003 CAN-SPAM Act.

All defendants will be sentenced on October 29th.

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This afternoon at a federal courthouse in midtown Manhattan,  disgraced attorney Marc Dreier is expected to enter a guilty plea for duping investors with fictitious notes.

His lawyer Gerald Shargel is feverishly working to keep him out as long as possible.

Starting with the December arrest of the former head of now defunct, 250-attorney Dreier LLP,  Shargel waged an extended battle with Assistant U.S. Attorney Jonathan Streeter to have his client released from pretrial detention, eventually prevailing when Southern District of New York Judge Jed S. Rakoff ruled Feb. 5 that Dreier could be confined to his apartment under guard pending resolution of the case.

“We’re going to have an issue about bail pending sentencing because the government is seeking to have him remanded and I’m trying to keep him out,” Shargel said Friday.\

At 5 p.m. today, “Dreier is expected to admit to every count in an indictment charging him with selling fictitious notes to at least 13 different funds and three individuals between 2004 and 2008: money laundering, conspiracy to commit securities and wire fraud, one substantive count of securities fraud and five substantive counts of wire fraud.”

The 58 year old former powerhouse faces 20 years in prison on each of the most serious charges against him. Shargel is going to fight to try and have him out while he is still alive.

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