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call your credit card company and e-mail paypal. they will stop the payment and possibly recover what they can from the other person's paypal account.
The other thing is to see if you can get in touch with them via the phone - get an adult on the line (assuming they are kids) and raise hell. Tell them that you are filing internet fruad charges with the USPS and the state attourney general's consumer fraud office in their state of residence.
Docuement everything - if you get him on AIM again, save the chats, save e-mails, save notes from phone calls.
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