Awards of up to $5 million will be paid out to insiders who help ferret out malfeasance under the Ontario Securities Commission’s new whistleblower program.
“The OSC recognizes that whistleblowers are an incredibly valuable source of information. We are providing strong incentives for them to come forward,” Howard Wetston, chair of the OSC, said Wednesday as Canada’s largest capital markets regulator rolled out a formal whistleblower policy.
An incentive-backed whistleblower program that would pay financial rewards for information about serious financial crimes is being proposed by Canada’s largest capital markets regulator.
The Ontario Securities Commission’s program would mark the first time a Canadian securities regulator has paid for tips.
Did someone finally inform the SEC that Bernie Madoff's business model has been adopted by every central bank in the "developed world?" Whatever the reason for today's record SEC award, which almost certainly has to do with HFT, a topic which this blog first brought to light back in 2009 when nobody had a clue what algo/high frequency trading is, congratulations to the lucky winner (unless of course it has to do with someone spilling the beans on US tax evaders in Swiss banks), and our condolences to the banks, because now that one can comfortably retire by informing the regulators of the p
Corporate tipsters could get multimillion-dollar rewards for reporting financial wrongdoing under a new program.Corporate whistleblowers could score multimillion-dollar payouts for reporting financial wrongdoing under a new program approved by U.S.
The Alberta Securities Commission is considering adopting a whistleblower program to encourage tipsters who expose wrongdoing in the province’s capital markets.
But unlike programs operated by the Ontario Securities Commission and the U.S. Securities and Exchange Commission (SEC), the Alberta whistleblower program would not pay for information leading to successful enforcement action.
Whistleblowers in Canada could receive awards in excess of $1.5 million when a formal policy is unveiled Wednesday by the Ontario Securities Commission to encourage those in the know to help ferret out corporate wrongdoing.
Canada’s largest securities regulator initially capped proposed awards at $1.5 million. But Tom Atkinson, the OSC’s director of enforcement, said Monday the awards could be larger in some cases, notably if more than $10 million was collected.
In a much-anticipated opinion, a divided panel of the Second Circuit Court of Appeals held in Berman v. Neo@Ogilvy LLC, that whistleblowers who report wrongdoing internally, but not to the Securities and Exchange Commission ("SEC"), are protected by the anti-retaliation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank").
Whistleblowing just became a lot more lucrative. The Securities and Exchange Commission announced its largest whistleblower award ever today, more than $14 million to an insider who helped recoup investor funds.