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October 11, 2018

I’D BUY THAT FOR A DOLLAR: Newsweek’s Former Owner Faces Fraud Charges.

Two publishing companies, IBT Media, which owned the magazine, and Christian Media, a faith-based online publisher in Washington, were charged with trying to defraud lenders by pretending to borrow money for sophisticated computing services.

Instead, most of the money was funneled back to accounts controlled by the two media companies and their principals — Etienne Uzac, a co-founder of IBT, and William Anderson, Christian Media’s former chief executive and publisher — and unnamed co-conspirators, the indictment said. It said some of the money had been used to cover the magazine’s operating expenses.

And where did the rest of the money go?