Connect-A-Jet.Com (fka CAJT)

[scion]

SEC sues Connect-A-Jet.com over share sales, marketing

07:25 AM CDT on Tuesday, September 22, 2009
By ERIC TORBENSON / The Dallas Morning News
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http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-sec_22bus.ART.State.Edition1.3f6ccd7.html

An online air charter booking company touted by Dallas-area penny stock marketers has attracted a new round of attention from the Securities and Exchange Commission.

The SEC's Chicago office sued Connect-A-Jet.com Inc. last week, saying sales of its shares and marketing of those shares broke securities laws. In 2007, the SEC halted trading of the Austin-based company's shares for putting false information on advertising that ran on finance network CNBC.

The suit filed in Dallas federal court named Connect-A-Jet founder Martin T. Cantu of Austin and a half-dozen other individuals who the suit said conspired to sell 30 million shares of the company after an aggressive marketing campaign. The company's advertised online booking tool wasn't real, the SEC suit said.

Efforts to reach Cantu or company representatives were unsuccessful Monday; numbers for Cantu and for the company in Austin were disconnected or rang as busy.

Also named in the suit were John J. Coutris, 38, of Irving, who didn't return a message. Coutris had been named in a SEC suit filed in March that alleged pump-and-dump tactics involving small stocks marketed by several individuals out of North Texas and Colorado. He also was involved in litigation related to Consolidated Sports Marketing Group in Dallas starting in 2005.

Also named in the SEC suit was 34-year-old Edward Spahiu of Dallas, who was identified as a buyer and seller of Connect-A-Jet shares. He couldn't be reached for comment.

Connect-A-Jet was a concept of Dallas' Jason Wynn, who was questioned by the SEC as part of its investigation. Wynn and Dallas stockbroker Ryan Reynolds - who has been named in other SEC penny stock civil suits - are discussed in the most recent lawsuit, but neither is named as a defendant.

Connect-A-Jet's shares traded at one-hundredth of 1 cent Monday.

http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-sec_22bus.ART.State.Edition1.3f6ccd7.html