A Nova Scotia investment dealer who admitted to engaging in stock manipulation has been banned from trading for five years and must pay $150,000 in penalties.

The Nova Scotia Securities Commission said Monday it approved the settlement agreement with Bruce Elliot Clarke, who admitted that he had agreed to help several Knowledge House insiders, their associates and relatives maintain the price of K.H. stock. Clarke approached commission staff last December and co-operated in the investigations jointly carried out by the commission, the Investment Dealers Association and Market Regulation Services Inc.

He was fined an administrative penalty of $75,000 and must pay costs of $75,000. He is also banned from trading, except for his personal RRSP account, for five years and his dealer registration was cancelled.

Clarke is also prohibited from becoming or acting as a director or officer of any stock issuer for five years.