The Ontario Securities Commission (OSC) announced on November 17, 2020 that it has awarded a total of CAD $585,000 to three whistleblowers, each of whom provided timely, specific and credible information that helped advance enforcement action resulting in monetary payments to the OSC.
According to the press release, “The whistleblowers included company outsiders who provided Enforcement Staff with specialized technical analysis on a complex area of securities law that led to the opening of an investigation, and that broadened an existing investigation. The whistleblowers’ detailed information brought to light violations of Ontario securities law that would have otherwise been difficult to detect, and it allowed Staff to proceed more expeditiously. In addition, each whistleblower provided extensive and ongoing assistance to Staff, participating in multiple meetings and providing further evidence and contributions to advance investigations.”
According to the press release, since its launch in July 2016, the OSC’s Whistleblower Program has awarded more than $8.6 million to whistleblowers. 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, see: http://www.officeofthewhistleblower.ca and https://www.osc.gov.on.ca/en/NewsEvents_nr_20201117_osc-awards-over-half-a-million-to-three-whistleblowers.htm
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.