U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Invest Better 2001 (IB2001)

On January 7, 2001, the SEC obtained permanent injunctions and asset freezes against Cole A. Bartiromo and Invest Better 2001 (IB 2001) in connection with their fraudulent and unregistered offering of securities over the Internet. The SEC alleged that the defendants raised over $1 million from more than 1,000 investors by promising "risk-free" investment programs in which IB2001 pooled investor funds to bet on sporting events. The defendants promised to repay investors between 125% and 2500% of their principal within specified periods.

The SEC also alleged that Bartiromo transferred approximately $900,000 of investor funds to an account at a casino in Costa Rica. As part of the Court's order, Bartiromo and IB2001 were directed to repatriate all assets outside the United States and deposit them into the Court's account. For more information about the SEC's action, you can read Litigation Release Nos. 17272 (Dec. 13, 2001) and 17296 (Jan. 7, 2002).

The SEC has completed two distributions in the amount of approximately $600,000. The SEC does not contemplate any further distributions.



Modified: 06/28/2006