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: SECLaw.com

SEC Alleges Pump and Dump Scheme Involving ConnectAJet. com Stock

By Mark H. Astarita, Esq.

From The Securities Law Prof Blog:The SEC announced today that on September 18, 2009, it sued several individuals and entities, alleging that the defendants implemented a scheme to funnel ConnectAJet.com, Inc. shares into the public market at great profit to themselves when no registration statement was filed or in effect.According to the complaint, ConnectAJet.com, Inc., of Austin, Texas, issued 30 million shares of stock in an illegal, unregistered offering to certain penny stock promoters, including Testre LP and Verona Funds LLC, companies owned and controlled by Page, a resident of Malibu, California. To pump up demand for the stock, Cantu and ConnectAJet.com, Inc. launched a nationwide advertising campaign, issued false press releases and published misleading web content...continue to full post

Full post as published by SECLaw.com on September 25, 2009 (boomark / email).

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