B.C. Securities Commission hands out first whistleblower award

The British Columbia Securities Commission says it has paid out $25,000 in its first whistleblower award. 

The commission says in a news release that the information contributed to an ongoing enforcement action of suspected misconduct. 

Commission chair Brenda Leong says the payout shows that when people come forward with information, it can make a real difference in its ability to act quickly to protect investors and the integrity of investment markets.

It says it gives whistleblower awards for information leading to specific types of enforcement action, including a halt-trade order, preservation orders and formal allegations. 

Details about the specific enforcement action connected to the award won't be disclosed to protect the identity of the person who came forward. 

The commission says its whistleblower program is unique because it pays for ongoing enforcement matters, rather than at the end of a hearing, with awards ranging from $1,000 to a maximum $500,000.

“The more valuable your information is, the more we may pay you," Leong said in a statement. 

Picture Courtesy: THE CANADIAN PRESS/Adrian Wyld