Employer Ordered to Reinstate and Pay Over $1 Million for Violation of Sarbanes-Oxley Act

Employer Ordered To Reinstate Former Corporate Officer And Pay More Than $1 Million For Violation Of Whistleblower Protection Under Sarbanes-Oxley Act

On March 18, 2009, the Occupational Safety and Health Administration (OSHA) announced that it had ordered Tennessee Commerce Bank to reinstate George Fort, a former Chief Financial Officer, and pay more than $1 million for violating the Sarbanes-Oxley Act of 2002 (SOX).

According to OSHA, Fort initially filed a complaint in April 2008 alleging that Tennessee Commerce Bank and Tennessee Commerce Bancorp, Inc. placed him on an administrative leave in March 2008 and subsequently fired him after he raised concerns regarding “internal controls, employee accounts, insider training and other issues.” After an investigation, OSHA found that Tennessee Commerce Bank had violated the whistleblower provisions of SOX.

Tennessee Commerce Bank plans to appeal the decision.

Information on employee whistleblower rights is available at http://www.osha.gov/dep/oia/whistleblower/index.html.