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
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