The largest individual shareholder in Baltia Air Lines, Inc. (trading as USGlobal Airways), has been arrested on charges related to his activities as the owner of Kayla Companies, a check-cashing company, MidHudsonNews.com reported.
According to the eight-count indictment, John Drago committed multiple violations of the Bank Secrecy Act related to cashing checks in excess of USD10,000 without proper documentation. He is also charged with failing to file Currency Transaction Reports and failing to develop, implement and maintain an effective anti-money laundering program for the Kayla Companies. The indictment also alleges Drago paid employees in cash without proper registration and, consequently, evaded taxes.
If convicted, he faces up to 15 years in prison.
Drago currently holds a 10.9% share in Baltia and is the single largest shareholder in the company.
