Do you have information about investment fraud in British Columbia? You can now take action and potentially earn substantial rewards for your efforts while staying protected. The British Columbia Securities Commission ("BCSC") has launched a Whistleblower Program that aims to incentivize individuals to report fraudulent activities.
The BCSC's Whistleblower Program is a game-changer. It encourages individuals to report market misconduct by offering significant financial rewards. The Whistleblower Program rewards whistleblowers whose information and tips contribute to enforcement actions.
The amount you can receive depends on several factors, such as the timing of your report, the quality of your information, your level of cooperation, the impact on enforcement results, the severity of the misconduct, and your involvement in the alleged wrongdoing. Rewards can range from $1,000 to $250,000. If your information meaningfully contributes to multiple enforcement actions, the total reward you can receive is increased to $500,000. The Whistleblower Program offers a genuine opportunity to earn substantial sums for your valuable whistleblower tips.
Whistleblowers often face reprisals from their employers when they disclose fraudulent activity. To protect whistleblowers the Securities Act prohibits any form of retaliation against whistleblowers. Retaliation includes disciplinary measures, demotions, termination of employment, and other actions or threats that adversely affect your employment or working conditions. If you face retaliation, you may be entitled to additional damages on top of any whistleblower reward.
The BCSC's Whistleblower Program is an exceptional opportunity to both fight investment fraud and receive substantial rewards. By reporting fraudulent activities, you can contribute to a more transparent and honest investment market.
Navigating the BCSC Whistleblower program, however, is complex. That's where seeking legal guidance from experienced practitioners becomes crucial. Having a lawyer by your side can help you make informed decisions, remain protected against potential retaliation, and ensure that you receive the maximum possible whistleblower reward. If you have information about fraudulent activities in British Columbia or believe you have faced retaliation from your employer for disclosing fraud, don't hesitate to contact Simon Fischer or any member of the Employment and Labour team for more information or assistance.
About Mackrell International – Canada - Lindsay Kenney LLP is a full service business law firm with offices in Vancouver and Langley, BC and a member of Mackrell International. Mackrell International – Canada is comprised of four independent law firms in Alberta, British Columbia, Ontario and Quebec. Each firm is regionally based and well-connected in our communities, an advantage shared with our clients. With close relations amongst our Canadian member firms, we are committed to working with clients who have legal needs in multiple jurisdictions within Canada.
This article is intended to be an overview and is for informational purposes only.