TORONTO, March 1, 2022 /CNW/ - The Ontario Securities Commission (OSC) has issued an award of $240,000 to joint whistleblowers for information and assistance that led to the opening of a new investigation and resulted in a successful OSC enforcement action.

The whistleblower tip contained detailed independent analysis upfront with specific, timely and credible information, as well as relevant supporting records. The misconduct, which put substantial investor funds at risk, would have been challenging to uncover without the submission. The tip originated from outside of Canada, highlighting the international reach of the OSC Whistleblower Program.

"Whistleblowers, whether they are located in Canada or abroad, play a vital role in exposing misconduct, protecting investors and maintaining the integrity of our financial markets," said Jeff Kehoe, Director of Enforcement at the OSC. "The comprehensive initial submission was critical in helping OSC staff identify the issue, develop its case and focus its resources from very early on in the investigation. Today's award demonstrates our steadfast commitment to rewarding whistleblowers who come forward with high-quality and timely information resulting in successful enforcement actions."

Robust whistleblower protections are built into the OSC's Whistleblower Program. The details of each case are kept strictly confidential, and all reasonable efforts are made to ensure a whistleblower's identity is protected.

Since its launch in...

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