OSC announces $150,000 award to international whistleblower

TORONTO, Oct. 23, 2024 /CNW/ - The Ontario Securities Commission (OSC) has issued an award of nearly $150,000 to an international whistleblower who provided information about significant issues at an early-stage firm. While not an employee, the whistleblower had access to non-public and hard-to-detect information that was brought to the attention of the OSC.

"This case highlights the global reach of the OSC Whistleblower Program, which attracts tips from beyond our borders and pays awards to individuals from anywhere in the world," said André Moniz, Manager, OSC Office of the Whistleblower. "The Program is a valuable tool in the OSC's enforcement toolkit, as whistleblowers are a valuable source of information. Whistleblowers can provide an 'early warning' when it comes to alerting the OSC about suspected misconduct."

The OSC Whistleblower Program (Program) offers protections for individuals who come forward with information about potential violations of Ontario securities law and awards up to $5 million for tips that lead to successful enforcement action. Examples of violations of Ontario securities law include illegal insider trading, abusive short selling, and corporate disclosure violations. Since its launch, the Program has awarded more than $10 million. Whistleblower protections are key tenets of the Program. These include protections against reprisals, details of each case are kept strictly confidential, and all reasonable efforts are made to protect a whistleblower's identity.

The Program is seeking more tips from individuals who have access to non-public information about potential misconduct, including from insiders, contractors and service providers as well as from individuals involved in the misconduct. It is also appealing for tips about novel and emerging issues in securities regulation. Issues of interest include greenwashing, misconduct by accounting firms related to their audits of reporting issuers, and misuse of algorithms and artificial intelligence. 

Tips can be submitted online to www.oscwhistleblower.ca and potential or existing whistleblowers with questions can call the Program's confidential hotline at 1-888-OSC-5553 (1-888-672-5553).

Visit the OSC's website to learn more about the Program.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

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SOURCE Ontario Securities Commission

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