SARBANES-OXLEY CASE
February 1st, 2004
BY PHILIP FINE
THE US Sarbanes-Oxley Act has netted its first company, a small-town Virginia bank holding firm Cardinal Bankshares, ordered to hire back its chief financial officer. It sacked David Welch after he raised concerns over the company's alleged practices of insider trading, faulty internal controls and financial reporting irregularities. His lawyers pleaded using Sarbanes-Oxley's whistle-blower protections in what is believed the first case where the law - enacted two years ago to clean up public company accounting - has been used successfully. Welch ...
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