Hundreds of Canadians file reward claims under U.S. laws

On Thursday, January 26, 2017, University of Toronto’s Capital Markets Institute will host a panel discussion regarding Canada’s whistleblower reward program. Internationally recognized whistleblower attorney Stephen M. Kohn will participate as a panelist discussing “Rewarding Corporate Whistleblowers: Will this Improve Canadian Capital Markets?”

Kohn, who is a partner in the international whistleblower firm Kohn, Kohn and Colapinto, LLP, was co-counsel to Swiss Bank whistleblower Bradley Birkenfeld in his successful IRS whistleblower reward case and serves as the Executive Director of the National Whistleblower Center (US). Birkenfeld won the highest individual reward in history, $104 million. Kohn is the author of The Whistleblower’s Handbook, which includes a guide for how whistleblowers around the world can protect themselves using the U.S. Foreign Corrupt Practices Act (FCPA).

“The Ontario Securities Commission has taken a major step forward in protecting investors from fraud. Their new whistleblower program, modeled on the highly successful program established by the U.S. Securities and Exchange Commission, has the potential to incentivize the disclosure of well-hidden frauds,” said Kohn.

Kohn added, “Canada has trailed behind other countries in protecting whistleblowers. Given the lack of protections afforded Canadian whistleblowers, over 250 Canadians have filed securities fraud cases under the U.S. whistleblower reward program. We hope that the OSC’s new whistleblower law is a first step in reforming Canada’s anti-fraud program,and ensuring that citizens are protected and rewarded when they risk their reputations and jobs to serve the public interest.”

Other panelists at the event include: Peter Dent, Partner, Deloitte LLP and Past Chair & President, Transparency International; Heidi Franken, Chief, Office of the Whistleblower, OSC; Andrew Call, W. P. Carey School of Business, Arizona State University. You can register for the event on the Rotman School of Management’s website. Members of the press interested in attending the conference should contact Kathleen.Coulson@Rotman.Utoronto.Ca.