A Los Angeles district judge has ordered Sanford Wallace and business partner Walter Rines to pay the fine to the -owned social networking site.
The court heard that the pair made money on a per-click basis by sending more than 700,000 messages, disguised as genuine user comments, directing users to gambling and adult sites.
In a statement, Hemanshu Nigam, the chief security officer, said: "MySpace has zero tolerance for those who attempt to act illegally on our site.
"We remain committed to punishing those who violate the law and try to harm our members."
Wallace, who has earned the nickname of "spam king" in the US, is reported to have begun circulating junk messages in the 1990s by fax, before turning to the internet.
His company, Cyber Promotions, was successfully sued by AOL and Compuserve for reportedly sending as many as 30m junk emails a day.
Wallace and Rines did not turn up for the hearing in Los Angeles yesterday.
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