Former NBC Universal Executive Accused of Fraud

29 January 2007

NEW YORK: US federal authorities have arrested the former treasurer of NBC Universal on charges of stealing more than $800,000 (€620k; £408k) from the company to fund lavish private jet trips, summer house rental and other personal indulgences.

Victor Jung (34), a twelve-year veteran with the media and entertainment giant until last July, was indicted on two counts of wire fraud. He pleaded not guilty at the arraignment in New York's southern district court and was released on $250k bail.

His lawyer Christopher Brennan said: "We plan to vigorously defend against these charges."

According to the indictment, Jung began transferring money to a dummy company in November 2005.

Among extravagances funded by these alleged transfers were private flights to Miami, the Turks and Caicos and Antigua during which he and his guests enjoyed Veuve Cliquot Champagne, Grey Goose vodka and shrimp cocktail to the tune of $387,189.

Prosecutors also claim Jung used the cash to rent a summerhouse in the exclusive Hamptons area for $56k and to pay off more than $87k in charges on his American Express card.

Data sourced from Financial Times online; additional content by WARC staff