Risk Management

Former NBC Treasurer Arrested

A former NBC Universal treasurer has been arrested for theft of $800,000.
Helen ShawJanuary 25, 2007

U.S. federal authorities have arrested the former treasurer of NBC Universal, Victor Jung, 34, on charges that he stole over $800,000 from the media conglomerate and used the money for personal gain.

Jung, who was indicted on two counts of wire fraud Thursday, could be sentenced to a maximum of 20 years in jail and a fine of $250,000.

In his position as treasurer at NBC Universal, Jung oversaw the company’s bank accounts and collections. According to a statement by Michael Garcia, the U.S. Attorney for the Southern District of New York, Jung established a fake company called NBCU Media Productions in November 2005, a company that was not part of NBC or its parent company, General Electric Capital Corporation. Jung also opened bank accounts at Commerce Bank and wired a total of $813,450 from an account held by GE to his accounts at Commerce Bank, according to the statement.

In January 2006, Jung allegedly wired $387,189 to an account owned by Marquis Jet Partners, a company that leases space on private jets. According to federal investigators, Jung then took private flights to places including the Turks and Caicos Islands, Antigua, and Miami. During those flights, the government says, Jung and his companions had caterers deliver Veuve Cliquot champagne, Mondavi wine, Grey Goose vodka, and shrimp cocktail.

According to the indictment, Jung allegedly also wired $56,000 to a Southampton, New York homeowner in March 2006, and then rented that person’s home for the summer. Jung also allegedly paid off more than $87,000 in charges on his American Express card with company funds.

Jung is being represented by Christopher Brennan of Ziegler, Ziegler & Associates. At press time, Jung was appearing before a magistrate judge and Brennan was not available for comment.