California Teenager Faces `Pump-And-Dump' Charges, SEC Says
2002-04-29 17:01 (New York)
California Teenager Faces `Pump-And-Dump' Charges, SEC Says
New York, April 29 (Bloomberg) -- The U.S. Securities and
Exchange Commission charged a California teenager already facing
Internet securities-fraud allegations with manipulating share
prices of 15 publicly traded companies.
Cole Bartiromo, 17, was charged in January with cheating more
than 1,000 investors out of at least $1 million through an
Internet securities fraud scheme involving sports betting. The SEC
filed a complaint today adding new charges stemming from deceptive
Internet message Bartiromo posted about public companies.
``Bartiromo posted more than 6,000 false and misleading
messages,'' the SEC says in a complaint filed in federal court in
New York. ``Through his pump-and-dump scheme, defendant Bartiromo
obtained ill-gotten gains of at least $91,400.''
The SEC says it first encountered the teenager, who lives
with his parents in Mission Viejo, California, last summer, when
regulators discovered he was posting deceptive messages.
The messages continued after his father promised they would
stop, then Bartiromo started the Invest Better 2001 Internet
bulletin board and Web site that led to the complaint against him
in January, according to court papers.
Bartiromo's lawyer, David Bayless, wasn't immediately
available for comment. In an answer filed with the court last
month, Bartiromo declined to respond to the original allegations
against him, citing his ``federal and state constitutional
2,500 Percent Returns
Throughout the fall, Bartiromo promised investors who pooled
their money to bet on sporting events ``risk-free'' returns of as
much as 2,500 percent, the SEC said. Bartiromo then transferred
more than $900,000 to an account he controlled at a Costa Rican
casino, the SEC said.
The new complaint says the SEC had concerns about Bartiromo
months before he started that scheme.
By July 3, the SEC says it discovered that Bartiromo was
posting deceptive messages online. Typically, he'd buy shares in
thinly traded companies, such as Call Solutions Inc. or F2
Broadcasting Network Inc., then post hundreds of bulletin board
messages touting the stocks, the SEC said. Share price rose as
much as 370 percent, the SEC said.
Of F2, Bartiromo posted a message claiming analysts had
upgraded the Internet entertainment company and that it would soon
be announcing ``a deal with Yahoo,'' the SEC said. Bartiromo sold
his shares at a profit, the SEC said.
``Both Bartiromo and his father assured the staff'' in a July
3 communication that ``Bartiromo would not post any more false
statements on the Internet,'' the SEC says.
Court papers say the teenager resumed posting false
statements ``on the next business day.''
The SEC seeks civil penalties and recovery of Bartiromo's ill-
gotten gains. Earlier in the case, the agency recovered more than
$1 million from the Costa Rican.
Well I picked up another couple thousand shares of imh at a nice 5% discount today. Never miss an opportunity to value average on a stock headed higher I always say.
Just amateur investor opinions. Seek qualified advice before you invest.
yep . she's right .
coco is only here to spill his anti-MBS REIT rage on you folks cuz he's ben so wrong so often on other MBS REIT pages that he's too embarassed to return there .................
but given more than a few folks on this board have purchased IMH based on my recommendations,
I won't stand by quietly when this known 'pump+dump artist' shows up blaring scare headlines that might cause a few folks to panic and sell if i don't respond with some sanity ............
coco tells all he is a term investor ..........
in that case , telling all that IMH is crashing when its gone from 8.25 to 10.45 and paid a huge 40 cent divvie along the way and is down (along with FB ,NLY, and ANH which have all gapped recently) less than 5% after giving off a 30+% return in a quarter deserves to be exposed for what it is ....... hype from a short who is clueless .
RAS and AHR are up on the day because people taking some profits in the sharp upwards movers
of late are going into the ones most off their recent highs.................................
lastly , bonds are rallying strongly today which is always an additional positive for REITs .
I used to go to a nice pub in Chicago where all the people in the neighborhood went to tilt a few and have some friendly banter.
Every once in a while a strange loud mouth drunk would stumble in and cause a rukus.
We got so we just ignored him. Eventually he stumbled home to mama.
IMO SS043 is correct, I would encourage you and everyone else that frequents this board to just use the ignore button and tip another pint with your friends.
BD IMO it is clear that responding to the basher only helps the basher. We on this board do our DD and know whats going on. The more the bashers name is posted on this board the more he is paid. The provocations will not cease with well reasoned facts/figures to prove you point.
PLEASE simply put him on ignore, if they change identity ignore. It goes against the grain to let it go but this drivle is unneccessary.TIA ss043
Nice try, but you still can't retrieve a post that backs your constant MCIT drivel.
UBS Warburg is spooking the hell out of your IMH chickens this morning.
You better take a break from sparing with me and get over to the coup and say something soothing.
nope coco , i and all the posters on IMH where you finally slunk away from in shame by publicly humiliating yourself with an IMH short
right as it it took off know your history of MCIT pumping vs IMH a short and we all know where that suggestion went..........
along with BUY EDIG @ 1.32 and BUY ATCO @ 5.12
you remain pond scum pump and dump ...........
those on TEI will see what you are in good time just like those of us on IMH laugh as ALL your picks imploded before your eyes and your lone short rocketed upwards ...................
I have NEVER shorted a stock in my life without a ton of DD ........ I shorted ATCO as fast as i could once you pumped it on IMH as a buy without a clue what they did.........
take a graph all of that one with his pump being that needle part when it was north of $5
(about to pass into the world of $3's).......
no ..... cocast is as crooked as any wall street analyst pushing crapola at you at the peaks.....................................
like I said , its all there on IMH board for those who care to go back and read about his sordid record..............
bondblabby- please show me the posts where I was touting MCIT as a great pick.
What I stated at the time was I owned it but DID NOT recommend it.
I don't recommend it now either.
<<I like investments for the longterm. That's why I dislike MBS REIT's. >>
I'm up about 200% since investing heavily in MBS REITs in 1999...........they have been the best performing sector of the equity markets
bar none over that period .
coco remains an angry deluded caddy let looses on a PC .