NBC Universal’s Former Treasury Manager Pleads Guilty to Embezzling $800,000

NEW YORK (CN) - NBC Universal's former treasury manager pleaded guilty to embezzling more than $800,000 from his former employer and using the money to pay off personal credit-card debt, rent a summer home in Southampton, and throw a birthday bash, among other things.

James Walsh admitted to stealing petty cash from the company safe while working from NBC Universal's headquarters in New York. He also conspired with his supervisor, Victor Jung, to commit wire fraud by setting up a dummy company called NBC Universal Media Productions and transferring hundreds of thousands of dollars into bank accounts opened in the company's name, according to a complaint filed in Manhattan Federal Court.

Walsh and Jung allegedly used the money to pay off large balances on their credit cards, to rent a summer home in Southampton for $40,000, and to throw Walsh a birthday party in April 2005.

Walsh pleaded guilty to conspiracy to commit wire fraud and wire fraud. He faces up to 27 months in prison and a maximum $50,000 fine.

Jung pleaded guilty on May 6, 2008, to one count of conspiracy to commit wire fraud and three counts of wire fraud. He has not been sentenced.

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