Peacock Net Not Preening Its Feathers Today
January 25, 2007 6:21 PM
I was stunned to learn today that former NBC Universal Treasurer Victor Jung, 34, was arrested and charged with scamming more than $800,000 from his former employer.
First: Why is he a former employee? I don’t know today. Do you?
The U.S. Attorney’s office for the Southern District of New York reported that he would be arraigned in New York late today. Jung reportedly created a fake account to wire transfer funds last year to his own accounts.
So how did he do it under this now-mandated era of fiscal scrutiny? Nobody is really talking about this, and I find it hard to believe that NBCU didn’t have the proper safety nets in place to detect and protect against this sort of crime. Something smells here.
So much for corporate transparency, a la the Sarbanes-Oxley Act. So how do businesses protect against this odd ilk of corporate abuse in the future? Or was it just a hole in the safety net at NBCU that the S-O act was supposed to protect against?
Need the financial people to weigh in here.