The British Columbia regulator tasked with overseeing the financial sector is offering cash rewards of up to a quarter-million dollars for qualified tips.
In a media release Tuesday, the B.C. Securities Commission (BCSC) said it is set to begin paying tipsters for actionable information about investment fraud and other types of market misconduct.
The cash rewards will range from $1,000 up to $250,000, and “will be determined by how quickly the information was reported, how much the information contributed to the enforcement outcome, and the seriousness of the misconduct,” among other factors, the BCSC said.
The agency said a single whistleblower could potentially receive more than one award simultaneously, with a maximum payout capped at half a million dollars.
Rewards will be granted on tips that lead to enforcement, including a halt trade order, the issuing of formal allegations, sanctions after a hearing, a settlement agreement and the identification and location of assets of people who have been ordered to pay sanctions.
“Often, people who break the law in the investment market or evade our sanctions can’t do it without others noticing,” BCSC Chair and CEO Brenda Leong said in the release.
“The BCSC always encourages people to report suspicious activity, and we think these awards provide an added incentive for people to contact us and provide information that will help make our market more honest and fair.”
The commission has set up a special online portal for whistleblower tips, however people can also make reports by mail and by phone.
Whistleblowers can submit tips on their own or with the help of a lawyer. They can also be submitted anonymously, however tipsters will need to reveal their identity to receive a cash award.
You can find out more about the BCSC’s whistleblower program and protections here.
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