Bank Whistleblower Reinstated
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A whistleblower is to be re-instated at Virginia bank following a ruling by a federal Labor Department Judge. David Welch had questioned the accounting practices of his employer, Cardinal Bankshares Inc. Former CFO Welch, was awarded nearly $65,000 in back pay and damages. The case is significant because of connections with the Sarbanes-Oxley Act. A provision in the act protects employees who draw attention to irregularities in practices. The Department of Labor have received 144 claims from employees alleging employers have victimised them following attempts to highlight irregularities. Just 3 including Welch, have won proterction. Another 16 have ended in settlements.
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