The Alberta Securities Commission has released two decisions in response to ASC staff’s allegations of market manipulation of the price of Anthony Clark International Inc.’s shares, finding the firm’s founders guilty, but a brokerage firm executive innocent.

In 2003, ASC staff alleged that Anthony Clark founders John and Peter Podorieszach and Francis Roche of Roche Securities Ltd. participated at separate times in trading activities that artificially inflated Anthony Clark’s share price. Following an application to sever their hearings, the cases proceeded separately.

Today, the ASC reported that a panel found that both John and Peter Podorieszach purchased Anthony Clark shares when they knew or ought to have known that their purchases would result in artificial prices for the company’s shares.

The panel stated, “We believe they set out to distort the market for their own purposes and that they knew what they were doing when they manipulated the market.” The panel will consider further submissions from the parties before deciding if disciplinary orders are necessary in the public interest.

As for Roche, a panel found that Roche Securities and principal Francis Roche did not breach the Securities Act in trading shares of Anthony Clark and dismissed all allegations made against them.