The US Securities and Exchange Commission (SEC) has filed charges against Barry Clare, the vice president of finance for Baltia Air Lines (New York JFK), for acting as an unregistered broker.
The watchdog alleges Clare violated terms of Section 15(a) of the Exchange Act by soliciting investors to acquire up to USD26 million worth of unregistered shares in Baltia Airlines Inc.
For its part, Baltia says it will stand by Clare claiming that he has not violated any laws, rules or regulations.
"We intend to defend and support Mr. Clare against the SEC charges vigorously in a public hearing," Baltia said in a statement. "We are grateful for Mr. Clare’s service without which Baltia would not have been able to continue its operations."
An administrative hearing has been scheduled for April 25 in Washington DC.
Though it was founded in 1989, Baltia has yet to complete certification with the US Federal Aviation Administration let alone launch actual operations.
