New Pump and Dumper...

Discussion in 'Trading' started by Don Bright, Apr 29, 2002.

  1. WASHINGTON (Dow Jones)--Cole Bartiromo, a California teenager, is in more hot water with the Securities and Exchange Commission.

    In an amended complaint filed Monday, the SEC alleged Bartiromo, 17, pulled in more than $91,000 by pumping up stocks with bogus postings on Internet message boards.

    CNBC news anchor Maria Bartiromo isn't related to the California teen, CNBC said in January.

    The SEC sued Cole Bartiromo in January for allegedly raising more than $1 million from investors through a sports-betting Web site that claimed to offer guaranteed, risk-free returns of up to 2,500%. Regulators now allege Bartiromo also ran an Internet pump-and-dump scheme to manipulate 15 stocks.

    Bartiromo, a high school student in Mission Viejo, Calif., bought big blocks of the stocks in question, then posted thousands of false messages online to push up the stock price before selling his shares, the SEC said. Trading took place last spring and summer, according to the agency.

    According to the complaint, Bartiromo used message boards such as Yahoo!Finance and Raging Bull to post bogus bullish messages, which appeared to come from news outlets such as CNBC or investment banks such as J.P. Morgan. After the postings, the stock price would rise, sometimes as much as 370%, the SEC said. The agency claims Bartiromo then sold his shares at a tidy profit.

    The SEC wants Bartiromo to return his profits with interest, pay penalties and be barred from future securities law violations.

    (MORE) DOW JONES NEWS 04-29-02
  2. His middle name isn't "Waxie" is it?
  3. Rigel


    Bartiromo sounds like an analyst at Goldman.
    He doesn't have a Chinese wall between his mouth and his keyboard fingers. VRSN.
  4. Halcyon



    He shouldn't be punished for that, that's ridicolous.

    People shouldn't be so stupid to listen to him in the first place.

    The smart guy gets punished.
  5. Rigel


    His only problem is that he doesn't have the proper credentials and attire.


    Rumor is that the big houses are in a bidding war for this guys services....
  7. mrktwiz


    Why didn't I think of that...Icouldhave my equity stake put together by now.....;-)

    Good trading all.....

  8. Finally we can sleep better knowing the SEC has its priorities straight and is training its big guns on the real menace tothe markets, 17 year olds.
  9. I could've used him to help prop up JDSU and WCOM . . . . . LOL

    Actually I think this kid and David Faber have a lot in common.
  10. shneed


    It's amazing. Just proves that if you want to steel money in America you should go out and try to steel millions if not billions of dollars, God forbid you should make 91k, the full weight of the US Government will come crashing on you. This guy will probably end up being punished more then the Enron crew, or the analysts of all those major brokers.

    #10     Apr 29, 2002