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Sarbanes-Oxley’s Protection of Employee Whistleblowers Impacts the Financial Services Industry  


Author:  Lynne Anne Anderson.


Source: Volume 19, Number 01, September/October 2005 , pp.13-20(8)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

Could the financial train wrecks that were Enron and Global Crossing have been prevented? By enactment of the Sarbanes-Oxley Act of 2002 (“SOX”), Congressional response to these accounting scandals has included the deputizing of corporate employees to act as internal watchdogs to report deceptive practices by their co-workers and supervisors as a means to prevent another financial catastrophe. Congress has pledged to protect these corporate whistleblowers by providing them with the ability to sue their employers if they are retaliated against for disclosing corporate fraud. The Department of Labor website for Sarbanes-Oxley whistleblower decisions lists over 100 decisions issued since 2003, with nearly a third of these defendants being financial services companies.

Keywords: 

Affiliations:  1: Sills Cummis Epstein & Gross.

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