VANCOUVER, May 11 /CNW/ - The executive director of the British Columbia Securities Commission has issued a temporary order against Orion Advisory Services S.A. and IntelliSource Markets B.V. (a.k.a IS Markets). The temporary order requires Orion and IS Markets to cease trading in securities and prohibits them from conducting investor relations activities based on allegations in the notice of hearing that the offshore companies have breached securities laws.
The notice of hearing alleges that representatives of Orion and IS Markets solicited BC residents to open trading accounts with IS Markets while not being registered to do so.
The notice of hearing also alleges that representatives of Orion and IS Markets engaged in unfair practices by putting unreasonable pressure on two BC residents to open an account with IS Markets.
Neither company is registered as a corporation in British Columbia and neither is registered in any capacity under the B.C. Securities Act.
Staff is conducting an investigation into the two companies. Anyone who has been contacted by an agent for Orion Advisory Services or IS Markets is asked to contact the BCSC at 604-899-6854 or 1-800-373-6393. People should not send any money to either company while the cease trade order is in place and the investigation is underway.
The allegations in the notice have not been proven. Counsel for the executive director will apply to a commission panel to grant a final order against Orion and IS Markets at a hearing on May 17, 2010 at 10 a.m.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You can view the notice of hearing on our website www.bcsc.bc.ca by typing Orion or 2010 BCSECCOM 235 into the search box. If you have questions, contact Brenda-Lea Brown at 604-899-6554.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org
SOURCE British Columbia Securities Commission
For further information: For further information: Brenda Lea Brown, (604) 899-6554 or (Canada) 1-800-373-6393