CFO of Famous Clinics Indicted

According to the San Francisco Chronicle, it took long enough but the former CFO of the Haight Ashbury Health Clinics was just indicted for theft of over $700,000 (more than 10 years ago).  Congratulations to the Prosector.

Nonprofit boards, could this happen to your organization?  Have you put the correct policies and checks and balances in place to reduce the likelihood this could happen to your organization?