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OSC whistleblower payouts top $8 million with latest award to industry expert


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OSC whistleblower payouts top $8 million with latest award to industry expert

The Ontario Securities Commission awarded more than half a million to a whistleblower, who the regulator identified only as “a company outsider who used their industry expertise to identify irregularities.”The confidential program has paid out more than $8 million since its launch in July of 2016.“Experts can be among the first to spot signs of…

OSC whistleblower payouts top $8 million with latest award to industry expert

The Ontario Securities Commission awarded more than half a million to a whistleblower, who the regulator identified only as “a company outsider who used their industry expertise to identify irregularities.”

The confidential program has paid out more than $8 million since its launch in July of 2016.

“Experts can be among the first to spot signs of potential misconduct in our markets,” said Jeff Kehoe, director of enforcement at the OSC, the only Canadian regulator that pays for tips that lead to successful prosecutions or settlements.

Though the program doesn’t reveal the identify of whistleblowers or details of the case, the OSC said the latest payout highlights the role financial experts can play in policing the capital markets. 

“If you have independent analytical information that points to a potential violation of securities law, we want to hear from you,” Kehoe said in a statement. 

“These subtle clues are often buried deep in reams of data and technical information decipherable only by someone with in-depth market knowledge or industry-specific expertise.” 

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The OSC’s whistleblower program pays out between 5 and 15 per cent of sanctions of $1 million or more, up to a maximum of $5 million.

The regulator hopes to attract tips on suspected violations such as insider trading, fraud, and misleading financial statements, as well as trading-related misconduct. Tips should be “timely, specific and include credible facts,” according to the OSC’s website.

Financial Post

• Email: bshecter@nationalpost.com | Twitter: BatPost

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