OSC Awards $7.5 Million to Three Whistleblowers
For Immediate Release OSC Enforcement
TORONTO – The Ontario Securities Commission (OSC) announced today that it has awarded CAD $7,499,000 to three whistleblowers on separate matters. These individuals voluntarily provided high quality, timely, specific and credible information, which helped advance enforcement actions resulting in monetary payments to the OSC. These whistleblower awards are the first ever by a Canadian securities regulator.
“Our Whistleblower program has proven to be a game-changer for the OSC’s enforcement efforts,” said Maureen Jensen, OSC Chair and CEO. “This would not be possible without courageous individuals willing to come forward and provide valuable information about harm to Ontario’s capital markets.”
“Whistleblowers expose complex securities misconduct that may not otherwise come to light, allowing us to take timely action,” added Jeff Kehoe, OSC Director of Enforcement. “We hope this announcement, alongside our substantive whistleblower protections, will encourage more whistleblowers to come forward.”
The OSC’s Whistleblower Program, the first of its kind for a securities regulator in Canada, allows whistleblowers to report possible violations of Ontario securities law. For more on the OSC’s Whistleblower Program, including award eligibility and how to submit a tip, visit: www.officeofthewhistleblower.ca.
The OSC makes all reasonable efforts to protect the confidentiality of whistleblowers and will not disclose information that might reveal a whistleblower’s identity.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.