Three Canadian whistleblowers have been awarded more than $7 million, the first payment of its kind by the Ontario Securities Commission (OSC).
“These individuals voluntarily provided high quality, timely, specific and credible information, which helped advance enforcement actions resulting in monetary payments to the OSC,” according to a statement from the Canadian agency.
To protect the identity of the whistleblowers, the agency did not release names or any information on the cases.
The OSC whistleblower program was established in 2016 and reports that it is the only Canadian securities whistleblower program offering financial awards. The office reported that, as of July 2018, it had received more than 200 tips.
Stephen M. Kohn, director of the National Whistleblower Center in Washington, notes in a statement that the award is a breakthrough for whistleblowers worldwide.
“Canada becomes the first country after the United States to recognize that substantial whistleblower rewards are the key to fraud detection and successful prosecutions,” Kohn wrote. “We hope that other advanced democratic nations follow this lead and enact qui tam laws similar to those in the United States.”