Sanford Wallace, the self-described “spam king,” has surrendered to FBI agents after he was indicted with multiple counts of fraud for sending approximately 27 million unwanted messages and Wall posts on Facebook.

In 2009, Facebook was awarded $711 million in damages after they sued Wallace for violating the Can-Spam Act, which bans the sending of “false and misleading” and “unwanted” email messages. Wallace allegedly compromised the security of 500,000 Facebook accounts by accessing their accounts without their permission and sending phony messages and Wall posts.

The lawsuit included 3 spammers — Adam Arzoomanian, Scott Shaw and Wallace, who had previously been sued by the Federal Trade Commission and Myspace. Wallace garnered his name “Spamford” for being involved in various email spam and malware schemes in the ’90s.

Wallace was prosecuted for criminal contempt which lead to the indictment. CNET points out that he could face almost 40 years in prison and over $2 million in fines, but for now he has been released on $100,000 bail and ordered to obey civil orders including staying away from Facebook and Myspace.

This is only one of the many steps that Facebook is taking against spammers. In May the service added new security features and teamed up with Web of Trust to help users recognize which sites could be trusted.