Anthony Clark Charged With Stock Manipulation

Calgary-based broker network consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC). “Shares of Anthony Clark International were traded in an unlawful manner by key company personnel and a brokerage firm,” alleges the ASC.

The commission is charging Anthony Clark founders John and Peter Podorieszach as well as Nino Belvedere, John Thomas, and Francis Roche (of Edmonton-based securities brokerage Roche Securities). “The ASC alleges that Belvedere, Thomas, and the Podorieszachs conducted a series of trades that affected both high and low market closings, breaching TSX rules and the Alberta Securities Act contrary to the public interest.”

The ASC also alleges the Roche “touted” shares at inflated prices and restricted sales of Anthony Clark’s shares. The allegations are made in a “Notice of Hearing”, with the hearing scheduled for May 16. The announcement came the same day Anthony Clark announced a buy-back of up to 5% of its shares, approved by the TSE. The move is intended to bolster the company’s shares, which directors felt were priced below “true value”. Just prior to these developments, the company also announced the purchase of a California-based brokerage, marking its first foray into the U.S. marketplace. n