TORONTO – The Ontario Securities Commission (OSC) has awarded approximately $481,000 to a whistleblower for information and assistance that led to a successful OSC enforcement action.
The whistleblower, who was an insider of the organization, submitted highly detailed information and valuable insights. Throughout the OSC’s investigation and proceeding, they provided ongoing helpful assistance, including responding to requests for further information. The contribution of this whistleblower demonstrates how the OSC Whistleblower Program continues to secure information from whistleblowers that could not otherwise be obtained.
“The whistleblower’s cooperation and assistance allowed the OSC to collaborate with other regulators to obtain additional evidence. The important information they provided fueled our investigation into wrongdoing and helped us deliver strong and timely enforcement action that protected investors from further harm,” said Jeff Kehoe, Director of Enforcement at the OSC. “The success of our Program is predicated on the courage of whistleblowers who make the decision to be heard. We applaud and appreciate their resolve.”
The OSC Whistleblower Program, launched in 2016, is the first and only paid program of its kind run by a Canadian securities regulator. The Program has awarded $9.33 million to whistleblowers. Tips from around the globe have led to successful enforcement action against 19 respondents and approximately $48 million in monetary sanctions and...
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