In the Matter of Barry B. Clare
Admin. Proc. File No. 3-17172

On August 15, 2016, the Commission settled administrative and cease-and-desist proceedings (the “Order”) that were instituted on March 15, 2016 against Barry B. Clare (“Respondent”). In the Order, the Commission found that, from March 2011 through March 2015, the Respondent violated federal securities laws while serving as the Vice President of Finance at Baltia Air Lines, Inc. (“Baltia”) by acting as an unregistered broker for sales of Baltia’s common stock to investors. The Commission ordered the Respondent to pay a total of $1,072,607.33 in disgorgement, prejudgment interest, and civil money penalty to the Commission, pursuant to a 540 day payment plan. The Commission ordered that such penalty, along with the disgorgement and prejudgment interest, will be held pending a decision whether the Commission, in its discretion, will seek to distribute the funds, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended or transfer the funds to the U.S. Treasury. See the Commission’s Order: Release No. 34-78574.

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Office of Distributions
Email: ENFOfficeofDistributions@sec.gov