The Ontario Securities Commission is paying $7.5 million to whistleblowers in the inaugural use of a first-of-its-kind program in Canada that pays for tips leading to findings of wrongdoing under securities law.The three recipients receiving the cash were not identified by the OSC, which pledges to take “all reasonable efforts” to protect the identity of whistleblowers.
“Whistleblowers expose complex securities misconduct that may not otherwise come to light, allowing us to take timely action,” Kehoe said in the statement.The OSC’s program was launched in 2016 in hopes of matching the success of a similar program run by the U.S. Securities and Exchange Commission. Under the Canadian program, whistleblowers can receive compensation of up to $5 million for a tip that leads to enforcement action.
Why not at least report the file(s)?
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