Former NBC Universal treasurer Victor Jung was sentenced Thursday to one year and one day in federal prison for his role in a scheme to embezzle about $1 million from his former employer.
Jung, who was charged in January 2007, pleaded guilty in May to one count of conspiracy to commit wire fraud and three counts of wire fraud. Jung was sentenced by U.S. District Judge Loretta Preska. Jung also will receive three years of supervised release.
An accomplice, former treasury manager James Walsh pled guilty to one count of conspiracy to commit wire fraud and one count of wire fraud in August and was sentenced to 21 months in jail earlier this month.
Jung and Walsh embezzled money by removing cash from the safe and used that cash for unauthorized purposes. Jung then set up a dummy corporation—NBC Universal Media Productions—and caused three fraudulent wire transfers of funds from NBC Universal or its parent, General Electric Co., to be sent to bank accounts established in the name of the dummy company.
Jung, according to the indictment, opened accounts at a branch of the Commerce Bank in Manhattan and caused two wire transfers to be sent—one for $575,000 and the other for $238,450—from an account held by GE in Stamford, Conn., to two different Commerce bank accounts.
Walsh and Jung used the money to pay off large amounts of credit card debt and $40,000 for the rental of a summer home in Southampton, N.Y. The money was also used to pay for a birthday party that Jung threw for Walsh in April 2005.