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https://thehill.com/business-a-lobb...ks-parent-company-charged-in-10m-fraud-scheme
Manhattan prosecutors have charged Newsweek’s parent company, IBT Media, with carrying out a plot to defraud lenders out of millions of dollars as it struggles to remain profitable.
The indictment is part of a fraud probe run by the Manhattan district attorney’s office that has lasted over a year and also examines possible advertising abuses and its connections to Olivet University, a Christian institution in California, people briefed on the investigation told The Wall Street Journal.
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Interesting story, especially about the connection with Olivet U, See https://en.wikipedia.org/wiki/Olivet_University & Link to IBT Media.
IBT Media says it has an ongoing "working relationship" with Olivet University which includes the school's providing design assistance and computer resources, and IBT Media's providing internships for students. IBT characterizes this relationship as similar to those Silicon Valley companies have with local universities.[27] However, publication Christianity Today alleges that IBT Media has a close relationship both with Olivet and with its founder, controversial[27][28] evangelical pastor David J. Jang. It claims that Jang is an investor in and has exercised control over IBT Media, that Davis was formerly director of journalism at Olivet, and that Uzac was its Treasurer, at least at one time.[27][29][30] Executives characterize the relationship as being between the institutions and not the founders, and that it is purely operational.[27][30] Additionally, students of Olivet worked for IBT Media in the early days of the International Business Times.[31]
Manhattan prosecutors have charged Newsweek’s parent company, IBT Media, with carrying out a plot to defraud lenders out of millions of dollars as it struggles to remain profitable.
The indictment is part of a fraud probe run by the Manhattan district attorney’s office that has lasted over a year and also examines possible advertising abuses and its connections to Olivet University, a Christian institution in California, people briefed on the investigation told The Wall Street Journal.
============================================
Interesting story, especially about the connection with Olivet U, See https://en.wikipedia.org/wiki/Olivet_University & Link to IBT Media.
IBT Media says it has an ongoing "working relationship" with Olivet University which includes the school's providing design assistance and computer resources, and IBT Media's providing internships for students. IBT characterizes this relationship as similar to those Silicon Valley companies have with local universities.[27] However, publication Christianity Today alleges that IBT Media has a close relationship both with Olivet and with its founder, controversial[27][28] evangelical pastor David J. Jang. It claims that Jang is an investor in and has exercised control over IBT Media, that Davis was formerly director of journalism at Olivet, and that Uzac was its Treasurer, at least at one time.[27][29][30] Executives characterize the relationship as being between the institutions and not the founders, and that it is purely operational.[27][30] Additionally, students of Olivet worked for IBT Media in the early days of the International Business Times.[31]