First SOX Whistleblower Loses Case

0 Comments Published by claudia June 7th, 2007 in News, SOX, North America, Company News, Accounting rules, Sarbox Tags: , , , , , , .

The Department of Labor’s Administrative Review Board has ruled that a whistleblower’s accusations were not protected under the Sarbanes-Oxley Act whistleblower protection provision, CFO.com reports.

David Welch, former CFO of Virginia bank Cardinal Bancshares, in 2004 was the first person to win whistleblower protection under SOX. Welch said the bank fired him after he raised questions about the bank’s accounting policies and internal controls. In June 2006, a Labor Department judge ordered that the bank reinstate him and restore pay and benefits.

The bank appealed, leading to this most recent ruling by the Labor Department’s appeals board.

SmartPros: First SOX Whistleblower Loses Case

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