To: get shorty who wrote (150487 ) 2/10/2002 11:44:18 AM From: Les H Read Replies (1) | Respond to of 436258 Bartiromo misses deadline for filing documents latimes.com SEC Charges Other Bartiromo With Fraud The SEC has accused 17-year-old Cole Bartiromo of masterminding an Internet stock scheme that shook $1 million from 1,000 investors. In a proposed settlement filed in federal court, young Cole has reportedly agreed to turn over $900,000 of his ill-gotten gains and cooperate with the Commission, and he may face further fines and penalties. Bartiromo allegedly used his "Invest Better" website to promise whopping returns through online sport betting. Typical was a Christmas Miracle program offering 25 times the investment a month before the holiday. In a classic Ponzi scheme, Bartiromo paid earlier participants out of proceeds from later investors. Lucky for those bilked, the SEC acted in time to recover most of the fleeced funds by freezing the youth's Costa Rican casino account. Both investors and the SEC scored better in this case than with 15-year-old Jonathan Lebed. Settling his stock fraud case with the SEC, Lebed turned over profits and interest totaling $285,000 but retained almost half a million. Not only that, but Michael Lewis's New York Times Magazine profile revealed an unrepentant Lebed and father that denied his son did anything wrong. No word yet whether Bartiromo's father will write this one off too, but at least they aren't getting rich off it. Bartiromo achieved national attention last year when he sold two Tiger Woods trading cards for six figures. The boy's father says they're cousins to CNBC's Maria Bartiromo, but CNBC spokesperson Amy Zelvin denies it. We know that's the skinny you really want.