A Ferrari-driving teenage trader who boasted he turned a £2,000 loan from his father into a £21million fortune in a year is today facing fraud charges.

Sam Cook, 18, from Plymouth, Devon, has been charged with six counts of fraud totalling £110,200 and is due to appear before magistrates in the city next month.

Cook is also facing a charge of driving without an 'L' plate while holding a provisional licence, at a time where he said he was driving his Ferrari.

Charges: Sam Cook, 18, pictured in front of his Ferrari, has been charged with six counts of fraud totalling £110,200 and is due to appear before magistrates in Plymouth next month

According to the summons the offences are alleged to have taken place between June 19, 2014 and January 31 2015.

The teenager, who has dyslexia and left school with two GCSEs, said earlier this year that a small loan from his father had been used to make him a stock market millionaire.

The 18-year-old bought a £170,000 Ferrari F430 Scuderia, a £120,000 watch and holidayed in Barbados, saying: 'I want to have £2billion by the time I am 50'.

But he also said being 'tight' would make him rich and said he gets his clothes from charity shops and does his weekly shop in Lidl.

Sam moved to Devon with his civil engineer father Pete and mother Deanna from Yorkshire when he was 11.

He said he 'hated' school and struggled in class because he 'was always thinking about ways to make money', so started selling luxuries to classmates.

Speaking in January he said: 'About ten minutes before the end the lesson I'd ask to go to the toilet. I'd go to the tuck machine and buy up most of the favourite sweets. When the lesson ended there'd be a big queue. The ones at the back knew they wouldn't get what they wanted, so I'd go round selling them stuff at a pretty price.'

At 16 he went to Ghana for voluntary work where he saw how much money was made from the exporting of precious metals such as gold.

When he returned he said he borrowed £2,000 from his father and started importing goods including olive oil from Italy and motorbikes from China, before making money on the stock market.

Transformation: The teenager, who has dyslexia and left school with two GCSEs, said earlier this year that a small loan from his father had been used to make him a stock market millionaire

Boasts: In January the 18-year-old bought a £170,000 Ferrari F430 Scuderia, a £120,000 watch and holidayed in Barbados

He said: 'I showed my dad how I was doing. He let me borrow £2,000 in February and try that. My first big hit was £28,000. Every time I made money, I put it back in and made more.'

Within a year he said he had made £21million from trading, with big wins betting on currency markets.

He said he bought a string of expensive items, including a pink-studded diamond watch, but said he had kept his spending down.

HOW TEENAGER SAID HE TURNED £2,000 INTO £21MILLION March 2014: Using £2,000 loan from father he traded in German debt to make £23,000. May 2014: More trades in America and Italy make him £100,000 July 2014: Sam says he made a series of lucrative trades, taking his value to £6million January 2015: More deals take his wealth to £17.5million by the Autumn and £21million by the start of 2015 Advertisement

He said 'I do like my watches. They are an investment. They won't go down in value.'

'I am quite tight with money because this has not come easily. It has come quickly but it has taken a lot of mental strength and time. It hasn't changed me. I am still the same person I was before I had the money.

'I want to have £2billion by the time I am 50. You could really do something with that amount of money. I'd get more satisfaction giving that away than buying things like Ferraris.

'I'd like to build some schools if Africa, maybe a refuge for former child soldiers.'

His family have been proud of his achievements.

His father Pete said: 'He's just the same as he was. He was always looking for ways to make money, right from when he was five or six years old.

'He is so good at it. His mind works like that. With his age, I have been around to support him and we will always be there for him to fall back on. He is careful with his money. I don't rate that Ferrari, though!'

Pride: Sam, believed to be pictured with his father Pete, who said earlier this year he has been amazed and delighted by his son's success

Sam, who rents a flat in Plymouth's expensive Royal William Yard, is still with long-term girlfriend Evelyn Simpson, 25.

He said he was hoping to set up his own brokerage firm in Plymouth and wanted to take on 30 staff.