The Alberta Securities Commission ASC has issued a cease trade order against Douglas Arnold Clarke of Nanaimo, B.C. that prohibits him from trading in or purchasing securities or relying on exemptions under the Alberta Securities Act until Oct. 17, 2026.

The ASC order also prohibits Clarke from acting as a director or officer of any issuer (with one exception) until at least Oct.17, 2026.

The ASC panel decision is based on a British Columbia Securities Commission (BCSC) order of October 17, 2006 that imposed sanctions including a 20-year trading ban on Clarke, the director and president of Bick Financial Services Inc. The BCSC order stemmed from Clarke and Bick’s raising of approximately $4.4 million through illegal trades and distributions of securities of Kleincorp Management Inc., doing business as Insta-Cash Loans. Evidence presented to the ASC panel showed that 16 Alberta residents invested approximately $475,000 in Kleincorp either through Bick or directly.

In making its decision, the ASC panel noted that “we are persuaded that, unless we intervene with protective and deterrent sanctions, it is conceivable that Clarke could resume similar capital-raising activities in Alberta, further exposing Alberta residents and the Alberta capital market to harm.”

A copy of the ASC decision is available on the ASC website at www.albertasecurities.com.