Former Universal UK exec admits to stealing £650,000

A former Universal Publishing UK executive has admitted to the theft of almost £650,000 that belonged to the major label.

Duncan Schwier’s scam was revealed when he was promoted last year and his successor John Clifford saw that large payments had been made to fake companies.

According to The Daily Mail, Schwier had syphoned the amount over 10 years in the production division of Universal Music Publishing and ultimately blamed his actions on his battle with cancer.

Sources tell TMN the monies have since been repaid to the company.

Chair of the bench at the Magistrates Court, Paul Brooks told Schwier: “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 has been released on unconditional bail and is set to be sentenced at Isleworth Crown Court on September 30.