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Orion Securities (USA) Inc.,

Orion Securities (USA) Inc., (CRD #38108, Toronto, Ontario, Canada) received a censure and fine of $10,000. The firm was also required, within 30 business days, to revise its written supervisory procedures concerning maintaining a two-sided quotation. According to the findings, the firm failed to maintain a continuous two-sided quotation in the absence of an excused withdrawal or a functional excused withdrawal. The regulators also found that the firmís supervisory system did not provide for supervision adequately designed to achieve compliance with respect to applicable securities laws and regulations, and NASD rules concerning maintaining a two-sided quotation. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CLG050063)

Did Orion Securities (USA) Inc., manage your investments?



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