Newsweek allegedly involved in fraud and money laundering scheme
Publishing companies IBT Media and Christian Media, and executives with those companies, are facing fraud charges for their involvement in an alleged fraud and money-laundering conspiracy involving Newsweek magazine. The district attorney's office recently conducted an investigation, which included raiding IBT's offices.Etienne Uzac, co-founder of IBT, William Anderson, former chief executive and publisher of Christian Media and various unnamed co-conspirators were charged with making multiple misrepresentations, including statements regarding the financial status of Newsweek, to defraud lenders. According to prosecutors, the alleged perpetrators pretended to borrow money for high-end computing services and instead put the money into their own accounts. Uzac and Anderson were also accused of creating a fake accounting firm and fake financial statements to trick lenders into giving them millions of dollars. A computer company was also [...]