Nearly $500,000 paid to ‘insider’ whistleblower

A whistleblower who tipped the Ontario Securities Commission about wrongdoing at an organization where they worked has been paid a reward of nearly half a million dollars by Canada’s largest capital markets regulator.

The identity of the whistleblower and the case are kept confidential under the OSC’S program, the only securities regulator whistleblower program in the country to pay for information that leads to successful enforcement action.

Since its creation in 2016, modelled on a similar program operated by the U.S. Securities and Exchange Commission, the OSC whistleblower program has paid out $9.33 million to whistleblowers.