OSC

USA whistleblower watchdog wins stay of gag orders

Sujets: 
USA, OSC, Watchdogs, Gag orders
Scores: 
2

Josh Hicks – December 3, 2012

A board that conducts hearings over questionable personnel practices issued a stay order against the Commerce Department’s Office of the Inspector General Thursday, temporarily lifting gag agreements aimed at preventing four senior law enforcement officers from speaking out against the agency.

The Office of Special Counsel, which requested the order from the Merit Systems Protection Board, claims three top inspector general’s officials coerced four of their agents to sign nondisclosure agreements to keep them from volunteering information about the agency to the OSC or Congress, thereby violating whistleblower laws.

Observers surprised at Ontario Securities Commission appointment

Sujets: 
OSC, Financial industry, Financial crisis, Appointments process, Ontario
Scores: 
3

Barry Critchley – Oct 23, 2012

Huston Loke, the former president of rating agency, DBRS Inc., is set to become the director of corporate finance at the Ontario Securities Commission.

Loke, who left DBRS in mid-May after a long career at DBRS, starts on Nov. 5. At DBRS, Loke, who started at DBRS in 1995, was replaced by Dan Curry,who at the time was head of the firm’s U.S. operations. At the time, DBRS said that the “reorganization is intended to more fully integrate DBRS senior management and staff to assist in ensuring global regulatory, business and market alignment.”

U.S. Special Counsel Warns Agencies Not to Spy on Whistleblowers

Sujets: 
USA, OSC, Watchdogs
Scores: 
0

Owen Dunn – June 20, 2012

Today, U.S. Special Counsel Carolyn N. Lerner issued a formal memorandum that the Office of Management & Budget (OMB) sent to the Chief Information Officers and General Counsels of all executive departments and agencies stating that electronic surveillance of an employee’s contacts with an Inspector General and/or the Office of Special Counsel (OSC) is illegal.

The Special Counsel’s action was sparked by allegations of illegal surveillance of Food and Drug Administration (FDA) whistleblowers supported by the National Whistleblowers Center (NWC).

Sino-Forest case cries out for justice

Sujets: 
White-collar crime, OSC
Scores: 
3

Barrie McKenna – May 27, 2012

The perp walk. Orange jump suits. Tycoons sharing jail cells with drug dealers. It’s all very un-Canadian.There’s a good reason the U.S. justice system treats its fallen business icons like common crooks. It’s about deterrence of white collar crime.

Conrad Black, Bernie Ebbers, Martha Stewart, Dennis Kozlowski and Jeffrey Skilling all paid a high price for being prosecuted in the United States – most notably, the loss of their freedom.

Interview with Bruce Livesey: Thieves of Bay Street

Sujets: 
White-collar crime, OSC, Regulatory oversight, Financial industry, IMET, Audio
Scores: 
0

The Current – April 13, 2012

Bruce Livesey

Are we immune from a Wall Street style meltdown? A controversial book raises doubts that our banking and financial system is somehow morally superior and more secure than our American neighbours. It suggests that not only are Canada's Captains of the money industry capable of corruption, the system does little to protect you from them.

When the financial and real estate markets melted down in 2008, Canada's banks became super heroes. They were the envy of the world celebrated models of responsibility and prudence. It seemed to suggest the worst economic crisis in half-a-century demonstrated how lucky we were to have our financial futures invested in this country.

Can Canada back up tough talk on securities crimes?

Sujets: 
OSC, White-collar crime, Ontario, Watchdogs
Scores: 
0

March 30, 2012

Lawyer John Mountain watched with frustration last year as the shares of Sino-Forest fell through the floor after short-seller Carson Block accused the China-focused forestry company of fraudulently exaggerating its assets.

It took six days before Canadian-listed Sino-Forest confirmed that regulators were probing the matter. But it was more than two months before the Ontario Securities Commission (OSC), Canada's chief regulator, halted trading in the stock.

Getting swindled in Canada

Sujets: 
White-collar crime, OSC, Financial industry
Scores: 
3

Lorrie Goldstein – February 11, 2012

Why would we adopt the same lax regulatory regime for dealing with corporate fraudsters in Canada that allowed Wall Street to escape responsibility for the global economic crash it helped cause in 2008?

Bizarrely, the Ontario Securities Commission, Canada’s securities regulator by default since we don’t even have a national one, is urging the adoption of so-called “no contest” settlements here for major financial fraudsters.

Ontario securities regulator collects less than 1% of fines levied

Sujets: 
White-collar crime, OSC, Regulatory oversight, Financial industry, Watchdogs, Ontario
Scores: 
3

Jeff Gray – January 19, 2012

Admittedly, the figures put out this week by the Ontario Securities Commission look bad enough at first glance. Since 2005, the OSC has collected less than 1 per cent of the $73.36-million in fines it has imposed on fraudsters and other rule-breakers after defeating them in contested hearings.

The agency blames the lack of recovered money on the ability of bad guys to hide assets. It points out that it has had success with winning more and longer jail sentences for some offenders lately, and says it extends bans on trading and other activities for deadbeats who don’t pay up.

Loblaws takes stand on whistleblowers

Sujets: 
OSC, Legislation, Qui tam or False Claims Act
Scores: 
3

Barbara Shecter – January 9, 2012

A footnote in plans to beef up enforcement of Canada’s securities laws has caught the attention of the country’s biggest grocer.

Loblaw Cos. Ltd. and parent company George Weston Ltd. are urging the Ontario Securities Commission to “tread carefully” before implementing a program that would offer to pay a “bounty” to whistleblowers reporting on suspected misconduct at a company.

A black eye for Bay Street

Sujets: 
Corruption, White-collar crime, OSC
Scores: 
4

Richard Leblanc  – September 8, 2011

At a recent dinner in Toronto honouring Canadian corporate directors, Spencer Lanthier, a former member of the Bank of Canada’s board, told the crowd, “This city, this province, this country has a reputation of being the best location to carry out white-collar crime—corporate fraud—in the industrialized world.”

As if to underline Lanthier’s words, the Ontario Securities Commission last week made headlines with its allegations of malfeasance against Sino-Forest Corp., and an accompanying cease-trade order.

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