Summary, Facts, Comments On SEC Barry Clare Matter
So many exciting things are happening with Baltia. I will not waste much time jawing back and forth about FUD. Good or bad. BLTA has nothing to hide, so briefly here we go.
Quick Summary of SEC Matter of Barry B. Clare:
1.) Clare participated in at least 820 sales of Baltia stock.
2.) During the Relevant Period, Baltia raised over $26 million through these stock sales.
3.) Clare received transaction-based compensation,totaling approximately $1.7 million.
4.) No mention of wrongdoing by BLTA.
SEC Allegation Against Barry Clare :
1.) Clare acted as an unregistered broker for sales of Baltia’s common stock to investors. ( Not a SEC Required Registered Broker-Dealer).
SEC Seeking Cease and Desist of such activity. Determine what, if any, remedial action is appropriate.
Violations
32. As a result of the conduct described above, Clare willfully violated Exchange Act Section 15(a), which makes it illegal for a broker or dealer to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any security unless the broker is registered with the Commission or associated with a registered broker-dealer.
http://www.sec.gov/litigation/admin/2016/34-77373.pdf
My personal opinion and comments
Despite attempts to sensationalize this SEC Matter of Barry Clare, it is basically much ado about nothing. I, BLTA and Barry Clare surely applaud the SEC in it's efforts to protect the small investor. No real wrongdoing (intentional harm or injury) was mentioned here. An officer of the company allegedly did not follow a rule that he may or may not have been aware of.
I personally have talked on the phone with Mr. Clare several times and met him in person (my Willow Run Visit). I assure you, he is no evil minded criminal, but rather an unassuming, hard-working, law abiding and valuable asset to any company. Others that know him much more intimately than I can vouch for his integrity.
Undoubtedly, Mr. Clare is/has been working with the SEC to rectify this matter.
Did you notice what other facts the SEC reported on the Barry Clare Matter? Well, apparently Barry Clare is a prodigious fund raiser. Wall Street repeatedly failed to raise funds for BLTA. Barry Clare has done what Wall Street could/would not do for over 20 years. Kudos to Barry Clare. There would be no Baltia Airlines without Barry Clare. He has more than earned every dollar of fund raising compensation.
The fund raising skills of Barry Clare and everlasting perseverance of Igor Dmitrowsky now finally have BLTA on the cusp of FAA Certification, Inaugural Flight and Revenue Generation.
So many exciting things are happening with Baltia. I will not waste much time jawing back and forth about FUD. Good or bad. BLTA has nothing to hide, so briefly here we go.
Quick Summary of SEC Matter of Barry B. Clare:
1.) Clare participated in at least 820 sales of Baltia stock.
2.) During the Relevant Period, Baltia raised over $26 million through these stock sales.
3.) Clare received transaction-based compensation,totaling approximately $1.7 million.
4.) No mention of wrongdoing by BLTA.
SEC Allegation Against Barry Clare :
1.) Clare acted as an unregistered broker for sales of Baltia’s common stock to investors. ( Not a SEC Required Registered Broker-Dealer).
SEC Seeking Cease and Desist of such activity. Determine what, if any, remedial action is appropriate.
Violations
32. As a result of the conduct described above, Clare willfully violated Exchange Act Section 15(a), which makes it illegal for a broker or dealer to make use of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or to induce or attempt to induce the purchase or sale of, any security unless the broker is registered with the Commission or associated with a registered broker-dealer.
http://www.sec.gov/litigation/admin/2016/34-77373.pdf
My personal opinion and comments
Despite attempts to sensationalize this SEC Matter of Barry Clare, it is basically much ado about nothing. I, BLTA and Barry Clare surely applaud the SEC in it's efforts to protect the small investor. No real wrongdoing (intentional harm or injury) was mentioned here. An officer of the company allegedly did not follow a rule that he may or may not have been aware of.
I personally have talked on the phone with Mr. Clare several times and met him in person (my Willow Run Visit). I assure you, he is no evil minded criminal, but rather an unassuming, hard-working, law abiding and valuable asset to any company. Others that know him much more intimately than I can vouch for his integrity.
Undoubtedly, Mr. Clare is/has been working with the SEC to rectify this matter.
Did you notice what other facts the SEC reported on the Barry Clare Matter? Well, apparently Barry Clare is a prodigious fund raiser. Wall Street repeatedly failed to raise funds for BLTA. Barry Clare has done what Wall Street could/would not do for over 20 years. Kudos to Barry Clare. There would be no Baltia Airlines without Barry Clare. He has more than earned every dollar of fund raising compensation.
The fund raising skills of Barry Clare and everlasting perseverance of Igor Dmitrowsky now finally have BLTA on the cusp of FAA Certification, Inaugural Flight and Revenue Generation.
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