Duncan Schwier, a former Universal Music executive, has pled guilty to stealing almost £650,000 ($1.07 million) from the label.
Schwier took the money over 10 years from the production music division of UMPG.
The theft was discovered when Schwier was promoted. His replacement noticed large payments to non existent companies. Schwier says he stole because he has cancer.
Paul Brooks, Chairman of the Bench at Hammersmith Magistrates Court, said:
“Although you have pleaded guilty to this offence, the amount of money and the period over which this fraud took place means this is too serious for this court to deal with”
Schwier will be sentence by a higher court on September 30th.
Image: ‘Reward for info on stolen bike – call Pee Wee Herman‘ by sylvar, licensed under Creative Commons Attribution 2.0 Generic (CC BY 2.0).