• AML
  • Qui Tam
  • SEC
  • CFTC
  • FCPA
  • FAQS
Demand Protections for Artificial Intelligence Whistleblowers | Take Action!
Subscribe
Donate
Get Help
No Result
View All Result
Whistleblower Network News
The Truth at Any Cost.
Qui Tam, Compliance and Anti-Corruption News.
Whistleblower Network News
No Result
View All Result
Home Corporate

Ontario Securities Commission Awards Over Half a Million Dollars to Three Whistleblowers

Geoff SchwellerbyGeoff Schweller
November 24, 2020
in Corporate, News, SEC
Reading Time: 3 mins read
OSC Whistleblowers
Share on TwitterShare on FacebookShare on LinkedInEmail

On November 17, the Ontario Securities Commission (OSC) awarded a total of CAD $585,000 to three whistleblowers who provided the OSC with timely information that aided in enforcement efforts.

The whistleblowers include company outsiders who provided the OSC with specialized technical analysis that led to the opening of an investigation and the expansion of an existing investigation. The whistleblowers’ information helped the OSC discover otherwise hard-to-detect securities violations, and each of the whistleblowers provided further assistance to the Enforcement Staff throughout the ensuing investigations.

“The information provided by all three whistleblowers was highly specific and enabled Enforcement Staff to zero in on underlying violations of Ontario securities law,” said Jeff Kehoe, Director of Enforcement at the OSC. “We will continue to recognize individuals who provide us with specialized technical analysis that leads to successful enforcement actions.”

Register for National Whistleblower Day Register for National Whistleblower Day Register for National Whistleblower Day

The OSC Whistleblower Program is the first and only securities whistleblower reward program in Canada. Since its launch in 2016, the program has awarded more than CAD $8.6 million) to whistleblowers. The program is modeled off the United States’ highly successful SEC Whistleblower Program. However, a notable difference between the two programs is the size of awards available to whistleblowers.

Through the OSC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide original information that leads to a successful enforcement action resulting in over $1 million in penalties, are entitled to a monetary award of 5-15% of the total monetary sanctions ordered. However, awards are capped at $5 million. Through the SEC program, similarly qualified whistleblowers are entitled to an award for 15-30% of the monetary sanctions, and there are no caps on awards.

Whistleblower advocates argue that caps on whistleblower awards can undermine the efficacy of whistleblower programs. Earlier in 2020, the SEC voted on rule changes to its whistleblower program. Included in the original proposed rules was a soft cap that would limit the largest awards. Whistleblower advocates argued that an award cap would disincentivize whistleblowers, particularly well-paid executives, and undermine the deterrent effect of the program. In a win for whistleblowers, the award cap was not included in the final rules approved by the SEC. In October, the SEC issued a $114 million whistleblower award – by far the largest in program history.

Like the SEC Whistleblower Program, the OSC Whistleblower Program provides anti-retaliation protections to whistleblowers, including confidentiality.. Thus, the OSC does not disclose any information that may reveal a whistleblower’s identity. 

Read:

OSC News Release: OSC awards over half a million to three whistleblowers

Tags: Corporate WhistleblowersSECWhistleblower Rewards
Previous Post

Home Health Care Company Agrees To Pay $5.8 Million To Settle Alleged FCA Whistleblower Violations

Next Post

Coast Guard Strengthens Whistleblower Complaint Process

Geoff Schweller

Geoff Schweller

Geoff Schweller is the Assistant News Editor for Whistleblower Network News. He coordinates news coverage, and also writes about breaking whistleblower news, SEC whistleblowers, IRS whistleblowers, CFTC whistleblowers, and federal employee whistleblowers. Geoff graduated from Hamilton College with a degree in Sociology and minors in French & Francophone Studies and Cinema & New Media Studies.

Next Post
coast guard

Coast Guard Strengthens Whistleblower Complaint Process

Please login to join discussion

Receive Daily Alerts

Subscribe to receive daily breaking news and legislative developments sent to your inbox.

  • This field is for validation purposes and should be left unchanged.

Most Popular

SEC Should Continue Strong Crypto Enforcement, Whistleblower Advocates Argue

Advocate Details Impact of Bipartisan AI Whistleblower Bill for Tech Works

CFTC Awards $700,000 to Whistleblower for “Courage” and “Critical Role in Enforcement Efforts”

Whistleblowers to Receive Up to $920K after Alleging Fraud in Breast Cancer Testing

Supreme Court Upholds, For Now, Trump Firing of MSPB Chair

Whistleblower Suit Leads to $3.3 Million Stark Law Settlement

Whistleblower Poll

Whistleblower Poll
Whistleblower Poll

Exclusive Marist Poll: Overwhelming Public Support Among Likely Voters For Increased Whistleblower Protections

byGeoff Schweller
October 6, 2020

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

STAY INFORMED.
Subscribe to receive breaking whistleblower updates.

  • This field is for validation purposes and should be left unchanged.

About Us

  • About
  • Contact Us
  • Donate
  • Careers

Subscribe

  • Daily Mail
  • Follow us on Twitter
  • YouTube Channel

Contribute

  • Letter to the Editor
  • Submission Guidelines
  • Reprint Guidelines

Your Experience

  • Accessibility Statement
  • Privacy Policy
  • Terms of Use

Help

  • Rules for Whistleblowers
  • Frequently Asked Questions
  • Advertise
Whistleblower Network News

Whistleblower Network News is an independent online newspaper providing our readers with up-to-date information on whistleblowing. Our goal is to be the best source of information on important qui tam, anti-corruption, compliance, and whistleblower law developments.

Submit an Article

Copyright © 2025, Whistleblower Network News. All Rights Reserved.

This Newspaper/Web Site is made available by the publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this website, you understand that there is no attorney-client relationship between you and the Newspaper/Web Site publisher. The Newspaper/Web Site should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

Become a Whistleblower Network News Subscriber

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Subscribe to WNN

Retrieve your password

Please enter your username or email address to reset your password.

Subscribe to WNN
Join the Waitlist for National Whistleblower Day 2025! July 30, 2025 on Capitol Hill
JOIN WAITLIST

Add New Playlist

Demand Protections for Artificial Intelligence Whistleblowers

Take Action!
No Result
View All Result
  • Exclusives
  • Government
    • False Claims-Qui Tam
    • Federal Employees
    • Intelligence
  • Corporate
    • CFTC & Commodities
    • Dodd-Frank
    • IRS & Tax
    • SEC & Securities
  • Features
  • Legislation
  • International
    • Foreign Corruption
  • Rewards
  • Whistleblower of the Week
  • Environment & Climate
  • Opinion
  • Editorial
  • Employment
    • Sarbanes-Oxley Whistleblowers
    • Retaliation
    • OSHA
  • Make National Whistleblower Day Permanent
  • Media
    • Podcasts
    • Videos
    • Webinars
    • National Whistleblower Day
  • Whistleblower Poll
  • Whistleblower Resources
    • Frequently Asked Questions
    • Resources for Locating An Attorney
    • The New Whistleblowers Handbook

Copyright © 2024, Whistleblower Network News. All Rights Reserved.

Go to mobile version