SEC Hits Airline Exec For $1M Over Stock Sales

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,...

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