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NBC treasurer arrested for embezzlement

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A man who worked for NBC's New York accounting office has been arrested and charged with two counts of wire fraud and embezzling more than $800,000 from the company.

Victor Jung, a 12-year employee of the company, is named in a federal indictment alleging he embezzled the funds while he oversaw NBC Universal's collection department and bank accounts. The indictment says Jung opened a dummy corporation, NBCU Media Productions LLC, to transfer money into illegally.

NBC prosecuters say that while Jung was working in the company's Rockefeller Plaza office, he committed two acts of wire fraud. Jung allegedly transferred $575,000 in January 2006 and $238,450 in April of that year from General Electric, NBC's parent company, to NBCU Media, his front.

According to the US District Attorney's office, Jung used the money to fly around the globe and enjoy lavish vacations, as well as purchase a home in the Hamptons. He used $87,416 of the money to pay his American Express bill, according to the indictment.

Jung appeared in court today and pleaded innocent to both counts of wire fraud and was released on a $250,000 bond. If convicted, Jung faces a maximum charge of 20 years in prison and a hefty fine.

NBC's Rockefeller Plaza location is the home of sketch show Saturday Night Live and its parody, 30 Rock.

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