Ever heard of Baltia Airlines? Probably not, as it seems to mostly exist on paper. Sure, there is an airplane parked in Michigan, a 747-200 which is supposed to eventually fly from New York to Russia for the company, but other than that the company has roughly nothing to suggest it is really trying to run despite being incorporated for 27 years. And now one executive is facing charges from the SEC for basically running a scam of stock sales.
According to the complaint Barry Clare Clare described the Baltia investment opportunity as “attractive,” “prudent,” and capable of generating “tremendous gains.” He also described the stock as a “great investment opportunity” with a share price that was “undervalued.” And, while actively soliciting investors it seems he also “sold Baltia stock on a near-daily basis, participated in at least 820 sales of Baltia stock, and received commissions totaling $1.7 million for approximately 605 of these sales.” If that doesn’t scream “pump-and-dump” I don’t know what does.
For its part the company is defending him:
Mr. Clare has worked tirelessly for our company and on behalf of our loyal shareholders to bring our business plan to fruition. We continue to make progress and will fight on regardless of these charges. We do not believe that Barry Clare has violated any laws, rules or regulations.
Gotta wonder if this is will finally put the company out of its misery or if somehow it will keep on rolling, pretending it is going to fly some day.
Added bonus: The company doesn’t seem to have the 747-200 anymore, either. Earlier today an announcement came out that Baltia is scrapping its plans to use the 742 based on the FAA repeatedly denying certification of the aircraft. It will pursue a newer, more fuel efficient option going forward.
As for why I’m bothering to write about it…well, I don’t really know. But Baltia is one of those companies which has been the butt of so many jokes at this point that I can’t tear myself away from the train wreck.
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