A 17-year-old high-school student was busted yesterday for ripping off $1 million from gullible investors in less than two months through an Internet scam, and pouring his earnings into a Costa Rican casino account, police said.
Cole Bartiromo allegedly promised investors in his so-called “Christmas miracle” program that he would deliver guaranteed returns of up to 2,500 percent.
Between Nov. 10 and Dec. 15 last year, the teen, who lives with his parents in southern California, convinced 1,000 people to part with up to $20,000, probers said yesterday.
“The case demonstrates that just about anyone – even a 17-year-old high-school student – can mastermind a securities fraud over the Internet,” said Securities and Exchange Commission enforcement director Stephen Cutler yesterday.
The SEC said Bartiromo, of Mission Viejo, had agreed to turn over $900,000, which he poured into an account he used for sports betting through a casino in Costa Rica.
SEC lawyer Alexander Vasilescu said civil charges had been filed against Bartiromo for allegedly making false and misleading representations.
Bartiromo’s lawyer, David Bayless, did not return calls yesterday.