If you have information about investment fraud in B.C., you may be able to make up to hundreds of thousands of dollars by passing it along to regulators.
The B.C. Securities Commission is now offering whistleblower awards ranging from $1,000 to $250,000 for helpful tips about serious market misconduct.
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“Often, people who break the law in the investment market or evade our sanctions can’t do it without others noticing,” said commission chair Brenda Leong said. “The BCSC always encourages people to report suspicious activity, and we think these awards provide an added incentive for people to contact us and provide information that will help make our market more honest and fair.”
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The size of the payout will be determined by how quickly the information is reported, how much the tip contributes to the enforcement outcome and the seriousness of the misconduct.
Leong said the commission has always had good co-operation from the public in reporting misconduct, but that the incentives may lead to better information coming forward.
The commission looked at other jurisdictions with paid whistleblower programs, in Ontario and the United States, she said.
Those regulatory bodies have much higher payouts that are made much less often and usually after “one outcome only — they have to have a successful hearing or prosecution,” Leong said. “They pay very rarely. But when they pay, they pay big — we are talking in the millions.
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