OSC awards over half a million to whistleblower
For Immediate Release OSC
TORONTO - The Ontario Securities Commission (OSC) has awarded CAD $525,000 to a company outsider who used their industry expertise to identify irregularities.
“Experts can be among the first to spot signs of potential misconduct in our markets,” said Jeff Kehoe, Director of Enforcement at the OSC. “These subtle clues are often buried deep in reams of data and technical information decipherable only by someone with in-depth market knowledge or industry-specific expertise.”
“If you have independent analytical information that points to a potential violation of securities law, we want to hear from you.” added Kehoe.
Robust whistleblower protections are built into the OSC’s Whistleblower Program. The details of the case are kept strictly confidential, and all reasonable efforts are made to ensure a whistleblower’s identity is protected.
Since its launch in July 2016, the OSC’s Whistleblower Program has awarded more than $8 million to whistleblowers. It is the first program of its kind in Canada. The Program accepts tips on possible violations of Ontario securities law, offers protections for individuals who come forward, as well as compensation of up to $5 million for tips that lead to enforcement action.
For more on the OSC’s Whistleblower Program, including award eligibility and how to submit a tip, visit: http://www.officeofthewhistleblower.ca.
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 http://www.osc.gov.on.ca.