Law360, Los Angeles (August 15, 2016, 7:21 PM EDT) -- A finance executive for development-stage airline Baltia Air Lines reached a $1 million settlement with the U.S. Securities and Exchange Commission over allegations that he acted as an unregistered broker for stock sales, the agency announced on Monday, saying the deal also restricts his future business activities for a year.
In March, the SEC charged Barry B. Clare, vice president of finance for New York-based Baltia, with Securities Exchange Act violations, accusing him of soliciting potential investors and recommending investments in Baltia on commission over a four-year period during which the airline raised $26 million through stock sales.
"Baltia's finance department,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!