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Newsweek's parent company pleads not guilty to fraud

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Newsweek’s dad or mum corporate IBT Media pleaded no longer accountable in New York on Thursday to fees that it manipulated price range so to stay the mag operational.

The costs from the New york District Lawyer’s place of job come with fraud, cash laundering and falsifying data, and element a scheme to borrow cash for pc apparatus that used to be then funneled to Newsweek.

The indictment accuses two folks — William Anderson, the CEO of Christian Media Company, and Etienne Uzac, the co-owner and chairman of IBT Media — of getting hatched a fraudulent plan that incorporated an auditor named Karen Smith, whom the indictment mentioned government may just to find no proof of.

TIME Magazine Cover With President Donald Trump - Newsweek Magazine Cover With President Vladimir Putin
Copies of TIME and Newsweek magazines take a seat in a rack at a Hudson Information book place April 23, 2018 at Raleigh World Airport.Robert Nickelsberg / Getty Pictures record

The lawsuit additionally names Christian Media Company, which allegedly attempted to procure loans for corporate servers, and Oikos Networks, the company used to procure the servers.

Uzac defended himself in an a post to his Twitter account.

“I consider this very competitive investigation is fueled through retaliation in opposition to me and my information media corporate for having exposed that that New york District Lawyer Cyrus Vance Jr. declined to press fees in opposition to Harvey Weinstein after his lawyer paid Vance cash,” Uzac wrote.

Marc Agnifilo, a attorney for Uzac, mentioned his consumer denies the allegations and that the mortgage in query have been paid again.

A choice to Anderson’s attorney used to be no longer right away returned.

Newsweek laid off team of workers this previous yr, together with an editor who oversaw an investigation into why the scoop corporate’s servers have been seized through the federal officers. IBT Media has since spun off Newsweek right into a separate corporate.

The Wall Side road Magazine used to be first to document the scoop of the fees.

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