Record Co. Exec Stole $1M

Former Universal Music exec Duncan Schwier stole £650,000 ($1.05 million) from the company, he admitted at London’s Hammersmith Magistrates Court Sept. 1.

The money was siphoned over a 10-year period and the amount involved meant the case was too serious to be dealt with in a magistrates court. He’ll be sentenced at Isleworth Crown Court Sept. 30.

Schwier’s deception was discovered only when he was promoted from the production music division of Universal Music Publishing.

Successor John Clifford noticed large payments had been paid to fake companies.

Schwier immediately admitted the swindle, and told the court when entering his plea that “The background for this is a series of cancers for which I have medical reports.”