Should the mortgage industry develop a whistle-blowers program?

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Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

Ontario’s securities regulator has launched a whistle-blower program that offers up to $5 million to for tips that lead to the prosecution of fraudsters; should the mortgage industry develop a similar program? The answer, as is the case with most regulatory questions, isn’t simple according to one veteran. The Ontario Securities Commission’s whistle-blower initiative encourages individuals to tip them off of potential instances of fraud, market manipulation, and other unscrupulous activities in the securities industry.

The commission offers up to $5 million for information. It also offers protection to those who use its program, which is the first of its kind in Canada.  And while the initiative is a step in the right direction, similar ones have had little success in the past.

Read the full article at Mortgage Broker News.