Leo and another guy called Prasuhn attempted to set up an airline last year, using one of Air Malta's RJs. The aircraft was never delivered.
There are several court cases (both civil and criminal) listed in the Hamburg county court from people (brokers/tour operators) trying to recover the funds they paid to a company which was fronted by the same people, Ole Leo + Prasuhn.
Now we have Baltic European. Courtesy of the very same people. Draw your own conclusions.
My advice: Don't sign any contracts or part with any funds until you can see and touch an actual aircraft, and more importantly, make sure there is a valid AOC and operator's licence in place, for the aircraft type to be chartered.
For those who can understand the German language, there are some interesting links here, telling you about a very young Ole Leo (21 years at the time of this article in 2003), a man who freely admits that "he has no licence, no money and definitely no aircraft. But as he says, WAIT FOR IT, his ideas are his capital !!"
Again, draw your own conclusions. For any pilots considering this outfit, don't hand your notice in just yet.
http://www.be.schule.de/bics/son/ver...03/df03_03.htm
http://www.be.schule.de/bics/son/ver...03/df03_15.htm