Fraud can be committed by colleagues without your even knowing. You must always have your guard up, especially if your projects are successful.
VERO BEACH, Fla. (PRWEB) August 15, 2019
About 5 years ago, Erik DiSomma was on the way up in his new venture – a finance company designed to fund privately-owned television productions, a type of televised format in which Mr. DiSomma is quite well versed. Today, that concept is a memory and his former CFO is in jail. “Fraud can be committed by colleagues without your even knowing. You must always have your guard up, especially if your projects are successful,” DiSomma warns.
What started out as a business model to give private television programs a marketing push in a space occupied by wealthy, network-owned TV shows, turned sour when DiSomma’s Chief Financial Officer was caught embezzling money. DiSomma explains, “When it comes to any business dealing in intangibles, where you are transacting in expensive products like sponsorships, you cannot be too careful. Television and the entertainment industries are especially vulnerable, due to the high cost of media.” He continues, “Fraud against you or your business is not something for which you can plan or budget, and the result can have a devastating impact on your business.”
DiSomma offers the following tips to help avoid business fraud:
- Conduct routine audits of all banking activity;
- Sign up for debit alerts on all accounts that report to a dedicated email address;
- Set up expense accounts for every production project to avoid unnecessary activity on your operating account;
- Have a third-party accountant reconcile account activity off site, at scheduled intervals.
About The DiSomma Agency, LLC
Founded by Erik Di Somma, The DiSomma Agency (http://www.disommaagency.com) is a licensed and bonded talent management, marketing and private consultation agency focusing on talent development and strategic marketing. For more information on The DiSomma Agency, please call Erik Di Somma at (646) 755-3288 or email at edisomma(at)disommaagency(dot)com.