An administrative law judge has ordered that a former CFO be rehired, with back pay, in a decision that is considered the first related to whistle-blower protections promised by the Sarbanes-Oxley Act.
The case did not play out on Wall Street or in corporate boardrooms, but in Floyd, Virginia, home to 432 residents and the headquarters of Cardinal Bankshares Corp.
The whistle-blower, David Welch, was fired as chief financial officer of Cardinal Bankshares Corp. in October 2002 after he expressed concerns about its financial reporting, alleged insider trading and internal controls.
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