An Ontario court awarded $5.3 million in compensation to a former industry executive, after finding that his firing breached the anti-retaliation provisions of securities law, which were adopted as part of the Ontario Securities Commission’s (OSC) whistleblower program.
In 2019, Ian McPherson was fired from his position as CEO of scholarship plan dealer and fund manager, Global Growth Assets Inc. and Global RESP Corp. The Ontario Superior Court of Justice found that this amounted to a violation of the whistleblower protections under securities law.
According to the decision, McPherson was brought in as CEO and ultimate designated person (UDP) at the firms after a series of compliance and enforcement issues, which also involved Global’s previous CEO, UDP and owner, Issam El-Bouji (a.k.a. Sam Bouji).
“The OSC sanctioned Mr. Bouji and Global several times and, in 2014, permanently suspended Mr. Bouji from acting as UDP and ordered Global to replace him as CEO,” the court noted.
Initially, it tried replacing Bouji with his daughter, Hanane Bouji, but the OSC refused to approve that move. In August 2018, the firm hired McPherson to takeover as CEO and UDP, and charged him with bringing the firm into compliance.
By early 2019, McPherson ran into issues with his task.
According to the court, without consulting McPherson, the firm’s board decided that Hanane Bouji, who was then serving as its chair, would no longer report to McPherson.
“Mr. McPherson was extremely concerned by...
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