In 2014 I first wrote about Baltia Air Lines, which is America's oldest start up airline. They've been in "business" for 27 years, except they've never actually flown a commercial flight, despite owning a 747-200 for over 20 years. Their business plan is to initially fly between New York and St. Petersburg, Russia, with plans…
Continue reading: SEC Investigating America’s Most Corrupt Airline
Share your questions, experiences, and thoughts below.
With that cash you'd think they'd either buy an operating certificate from a struggling carrier or wet lease an aircraft for a few flights.
Grinz...
"Madoff Air" would be a cool rebranding for Baltia and their marketing slogan should be:'Greed is good" 🙂
Huh. So it seems the CEO of Baltia Air Lines doesn't seem to be... alive anymore. A ship without a captain, honest crew members, and a ship.
With this dip in the stock price, it looks like a great time to invest! I'm sure they'll be announcing their Dreamliner orders any day now.
@Gary I don't think you know how Ponzi schemes work. The purpose isn't to actually do anything other than collect money.
@Rob - Gary probably meant that they could have done some things to make it appear as if they were actually operating an airline, possibly keeping the SEC at bay.
Of course, that would have meant spending investors' money rather than putting it in their pockets.
Whether they were actually operating an airline or not, it's against SEC regulations for a non-licensed person to be offering stock products for sale.
I'd be interested in knowing who the underwriter was for the IPO - it sounds like they could do with some SEC investigation, too.
Actually couldn't you make a great profit shorting this thing now since it will likely go bust?
This is an OTC company - there was no IPO. They became public through an SB-2 filing which is not underwritten by investment banks- The company files it themselves.
Under their frequent flyer program it costs 20,000 miles one way for an economy flight from New York to St. Petersburg. That's not too bad. 2.5 round trips earns you 20K miles.
I guess in reality it's impossible to be a frequent flyer if the airline never operates a single flight.
I've just returned from st Petersburg with baltia airlines in first class.
The service was devine and i paided for it on my 20th new cgase cc issued just in the last year.
Ah only in america.
my mission in life is to be a member of their Golden Rooster Club - how exclusive is that!?
I can't give too much info due to my job, but look up any of the smaller airlines which have filed for bankruptcy in the past ~10 years. Pay attention to the key people. You'll start to see a pattern...and that's all I can publicly comment about it.
My fiance was hired as a Flight Attendant nearly 2 years ago, however, was let go as she was the only black crew member in training, and far exceeded in-class and dragged on nonsense since there was a beat to crap plane, a threatening & weak CEO (oh, did i mention taking a 6' under dirt nap) and extremely rude corporate staff who bought into this airline scam. Still waiting to receive her last paycheck. No worries, its not over....yet. 🙂
Oh yea! Not to mention the FAA Instructor bailed out early during the initial class training when she saw things weren't quite right - smart woman! There's definitely a problem with *head who is the gatekeeper to all company inquiries and phone calls to Ypslanti, MI office. He comes across as a tough guy, but he has the obligation to defend an airline that will NEVER lift off! what a scam! Hey Igor!, how's the view from up, uhhhh, i mean, down there? ahhhh, justice. Karma is a Bh!!
B = Bull****
A = Airline
L = Lies
T = To
I = Investors
A = Aimlessly
Once upon a time, there was an aircraft that was built in the dark ages, and was misrepresented as a great and new investment IPO to fly (get this) direct from NYC to St. Petersburg. Fast forward, there is no plane, depleted money, dead CEO, Sr. Mgr "Clare" under SEC Investigations for thinking he was exempt from laws to solicit for and sell shares, then keep his $1.7M in commissions. What a joke! Another Russian scam on American soil. Certifications? They couldn't pass gas at this point. LOL!
Barry Clare is scum of the earth!!!
He has been doing this his whole life. I should know, I had him as the best man in my wedding and he also beat me out of a multi million dollar company. Karma is a bitch Barry
What a joke Phil Caporusso....you have a lot of nerve talking about Barry and his father who by the way passed away. As I recall you and a cohort set up a robbery of one of the vans that belonged to the company you and Barry were partners in. The van had close to $20k in it when it was taken from Hofstra by your cohort who obviously had a key. I also remember when we all took lie detector tests and your test was the only one with a lying result. Your lucky that you were only thrown out of the company and not put in jail!!! Talk about scum, your lower than scum. He didn't beat you out of the company, you beat yourself out. Barry is an honest hard working guy. He has vision, passion and an enduring work ethic. I'm happy to call him my friend. He has taken a lot of abuse online and it's time to put some positive information up about him.
Hey rob are you stupid. Baltia airlines is a total scam. The New York Jets have a better chance of winning the Super Bowl, before you see your investment back. You were scammed, just like me. Learn from this experience!!!
As of December 2016, they have signed a letter of intent to lease a 767-300ER, SN 26234 to be delivered "on or before 4/1/17" as they continue down the FAA certification road. This aircraft was most recently used by the now-defunct airline Transaero for 15 years. So it will have quite a few cycles on it. They are also in the process of changing the name