Whistleblowers have alleged fraud at Catalyst Capital, The Wall Street Journal reported Wednesday, citing documents it reviewed and people familiar with the matter.

The Journal said at least four people have filed complaints with the Ontario Securities Commission. The regulator is beginning to look into the allegations and interviewing people familiar with Catalyst, the newspaper reported.

Although the OSC may be exploring the matter, the moves may not result in a formal investigation. The regulator can award as much as 5 million Canadian dollars for each complaint that result in monetary sanctions.

“As a matter of general policy, we do not confirm or comment on the existence, nature or status of any complaint or investigation,” the Ontario Securities Commission told CNBC.

With more than 6 billion Canadian dollars in assets under management, Catalyst is one of the largest private equity firms in Canada and primarily invests in distressed assets.

Catalyst is led by Newton Glassman, who the Journal said has described the firm as the “Goldman Sachs of Canada.”

Catalyst Capital didn’t immediately respond to CNBC’s request for comment.

Read the full report in The Wall Street Journal.

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