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ARTICLE · 21 JUNE 2016

The SEC Makes Another Huge Whistleblower Award

Osler, Hoskin & Harcourt LLP
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On Thursday June 9, 2016 the SEC announced that it would be paying $17 million to an individual who provided information the SEC used in proceedings against the individual's former employer.

CanadaCorporate/Commercial Law
Lawrence Ritchie
Lawrence Ritchie
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As the Ontario Securities Commission ("OSC") inches towards unveiling its version of its American counterpart's whistle blower "bounty" program, American whistleblowers continue to receive significant pay days from the Securities Exchange Commission (the "SEC") for alerting the SEC to potential securities law violations.

On Thursday June 9, 2016 the SEC announced that it would be paying $17 million to an individual who provided information the SEC used in proceedings against the individual's former employer. The $17 million award is the second largest whistleblower award that the SEC has ever paid out (the largest amount being a payment of over $30 million announced in September 2014). SEC whistleblower awards range from 10% to 30% of the sanction that the information provided helped secure. As a result, while for confidentiality reasons the SEC does not disclose the proceeding that the whistleblower award relates to, it can be estimated that the proceeding resulted

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