OSC Proposal to Pay Whistleblowers up to $1.5 Million Inadequate: Lawyer

The Ontario Securities Commission is proposing to pay whistleblowers up to 15 percent of the sanctions or settlement payments in a successful case involving $1 million of sanctions or more. Payments would be capped at $1.5 million. Several experts have commented that a $1.5 million cap is inadequate to encourage senior executives with knowledge of accounting fraud, insider trading and market manipulation to come forward.

“Senior (executives) have a lot to lose,” said Jordan Thomas, a lawyer with [prior firm], who recommended that the securities regulator set a minimum compensation amount.

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