Ex-NBC Uni money man facing fraud
EmptyNEW YORK -- Former NBC Universal treasurer Victor Jung was arrested here Thursday on charges that he stole more than $800,000 from NBC Uni in a wire fraud scheme and used the funds for his personal benefit.
The indictment said he spent the money on "several flights on private jets to places such as Miami, Antigua and the Turks and Caicos Islands." It added: "On these flights, Jung and his travel companions consumed catered Veuve Cliquot champagne, Grey Goose vodka, Mondavi wine and shrimp cocktail."
Jung also is alleged to have used money from the wire transfers to rent a summer home in the Hamptons for $56,000 and to pay off more than $87,000 in charges on his American Express credit card.
Michael Garcia, the U.S. Attorney for the Southern District of New York, and Mark Mershon, assistant director-in-charge of the New York Field Office of the FBI, announced Jung's arrest Thursday. He was scheduled to be arraigned Thursday afternoon.
Garcia said the indictment focuses on two counts of wire fraud and charges Jung with setting up -- without the authorization of either NBC Uni or parent company General Electric -- a dummy company called NBCU Media Prods. Llc., to which he transferred corporate funds.
The investigators mentioned a transfer of about $575,000 in January 2006 and one for about $238,450 in April.
If convicted, Jung faces a maximum sentence of 20 years in prison and a maximum fine of $250,000 or twice the gross gain/loss resulting from the crime, Garcia said.
"NBC Universal is committed to and vigilant about the enforcement of its compliance policies," the company said. "When we discovered the potential integrity breach, we promptly brought it to the appropriate authorities and are cooperating fully with the investigation. We will continue to monitor the situation to its resolution."
Among other things, Jung was responsible for collection efforts related to NBC Uni's business and for oversight of the company's bank accounts. He also carried out financial analysis and was responsible for reporting to GE, which owns 80% of NBC Uni, with telecommunications and media firm Vivendi holding the rest.