A year 8 student was turned in by his mom after a $200,000 criminal spree, selling items he didn’t own on eBay and bilking banks with overdrawn debit card accounts.

The teenager, who cannot be identified due to his current age of 17 years, is currently under investigation by the ASIC. To date, he has served a week of detention for his alleged crimes.

His mother first learned of his criminal spree in 2007, when she found his diary. By then, he was an experienced fraudster, earning up to $6,000 per day on eBay selling nonexistent mobile phones and laptop computers. He got the cash from buyers, but never delivered.

He also opened dozens of accounts with all of the major banks and some minor ones. He’d deposit a small amount of cash with the assistance of a friend of legal age, then with the debit card he’d overdraw the account. Not until the loss reached $1,500 would the bank close the account, and then he’d merely open another one.

With his ill-gotten gains, the teenager went on a spending spree, purchasing designer goods and indulging in luxury vacations, even flying his friends out for the weekend.

“Sometimes it’s day spas or lavish shopping sprees,” said his mother. “He returns with Louis Vuitton luggage, Versace clothes, Prada watches.”

His mom contacted first the banks, then the police.

“’I told them my child was involved in a major ongoing credit card fraud,” she said, “and expressed concern about the ease with which he obtained unlimited accounts without my consultation.”

Charges against the teenager include eight counts of fraud. He was released on bail, and reoffended ten more times.

“What my son needs is a psychologist.”

Source: http://www.theage.com.au/national/scamming-schoolboy-lives-the-high-life-thanks-to-200000-crime-spree-20100123-mrqv.html