My Client Wants Me to Spam!

I am an internet marketing specialist with clients in the payday loan industry. (Learn more about payday loans). It is a very competitive industry with short term goals and not much of long term goals. That is probably because more and more states are banning the payday loan stores. So many set their goals for today and not really for tomorrow. And as the result many of my clients want me to deliver results fast even if it maybe somewhat ...illegal!   Of course my answer has been NO the whole time.The last is that one of my big clients wants me to find payday loan lists and find a way to spam them. If he was a small client, I would dump him right away but this client is a big one with more potentials so I am kind of stuck and not sure what to do. It is a tough economy, and it is going to be hard to find more clients. And this has been my nitch, the payday loan insutry. I am kind of well known in that industry and I can't afford to get any bad reps. In google if you type in payday loan consultant, my website should be on first page. But I still don't like many practices of the industry and in this case, my client to want me to spam emails.   I have tried to educate the client but they are determined that they want to do it, whether with me or another guy, and  I personally hate spam, I don't want my email to be spammed, and I don't want to do it to others too.  But at the same time this is a big client that pays half of my bills so I can't afford to lose them. I am really confused and uncertain of what to do! Any suggestions or guidance would be much appreciated.