Orion Advisory Services, S.A.
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Date:
2010-05-07
Contact:
Bonampak Corporativa
Bonampak Ave.
SM 3A, PH503
77500 Cancun, Q. Roo
Mexico
www.orionfx.net
Background:
In 2008, 2009 and 2010, British Columbia residents were cold-called by representatives of Orion Advisory Services, S.A. (Orion) and solicited to open a trading account with IntelliSource Markets B.V. (IS Markets) to trade commodity options. Some of those British Columbia residents did open accounts and wire funds to a bank in Amsterdam, Netherlands. Orion purported to act as the introducing broker for IS Markets. Neither Orion nor IS Markets isregistered in British Columbia to trade in, or advise on, securities and exchange contracts.
On May 6, 2010, the Executive Director of the British Columbia Securities Commission (the BCSC) issued a Temporary Order and Notice of Hearing against Orion and IS Markets, prohibiting them from trading in securities and engaging in investor relations activities. A hearing will be held on May 17, 2010, at which time the Executive Director will ask the BCSC to grant a final order on the same terms as the temporary order.
On June 16, 2010, the BCSC issued an order prohibiting Orion and IS Markets from trading in securities and exchange contracts and from engaging in investor relations activities until they become registered in British Columbia.
