Whistleblowers play a critical role in helping the Ontario Securities Commission (the “OSC”) protect investors and promote confidence in the capital markets. They provide a valued public service by reporting information on securities misconduct which may not otherwise come to light, and which helps the OSC more quickly identify and investigate the misconduct and hold wrongdoers accountable.
The OSC Whistleblower Program (the “Program”), launched in 2016, is Canada’s first and only paid program of its kind run by a securities regulator. Individuals who voluntarily submit original information about violations of Ontario securities law may be eligible for awards of up to $5 million. In addition to a financial incentive, the Program and governing statutes, together, provide robust confidentiality and anti-reprisal protections to encourage individuals to report information about securities misconduct.
The Program has been a success. Since its launch, it has attracted high quality tips which have resulted in timely and impactful enforcement action, protecting investors from harm, and have led to awards of over $9 million to whistleblowers.
“The OSC created the Whistleblower Program to identify complex or hard-to-detect securities violations. It has proven to be a resounding success. Our review affirms that the Program is a powerful enforcement tool which incentivizes whistleblowers to come forward and protects them from retaliation. This is clearly...
Patricia White, 70, of Old Greenwich, received a nine-month prison sentence for submitting false claims for unclaimed properties to around 30 state treasuries. HARRISBURG, Pa. — Months after her br...