IP: More Teens Running Internet Scams

[David Farber <dave () farber net>]

http://www.nytimes.com/aponline/technology/AP-Cyberscam-Teens.html

Auto Abstract

-- Like a typical teen-ager, Cole Bartiromo played baseball and listened to 
rap music.

He was also a whiz when it came to the Internet, but that got him in 
trouble with the U.S. Securities and Exchange Commission.

Law enforcement officials say the Orange County high school student is like 
a growing number of his peers -- teens who use the Internet to pull off 
everything from securities fraud to identity theft.

``We have seen a rise in the crimes, with an increasing degree of 
sophistication by a younger demographic,'' said FBI agent Frank Harrill of 
the Los Angeles cybercrime squad.

Last month, the Securities and Exchange Commission filed a civil complaint 
against Bartiromo, 17, alleging he raised more than $1 million by selling 
what he described as ``risk-free'' investments in which he pooled 
investors' funds to bet on sporting events.

The boys, ages 14 to 16, obtained the credit card numbers by allegedly 
tricking people into transmitting their account information over the Internet.

In 2000, 16-year-old Jonathan Lebed of Cedar Grove, N.J., faced only civil 
action for manipulating stocks in what federal authorities called a ``pump 
and dump'' scheme.

``The federal government is just not set up to deal with'' prosecuting 
children, said Howard Friedman, who heads the Cybersecurity Law Institute 
at the University of Toledo in Ohio.

In addition to repaying the money, Bartiromo also was expected to file an 
accounting of his actions, outlining how he set up the investment program 
and how much money came in, SEC officials said.

For archives see:
http://www.interesting-people.org/archives/interesting-people/