Manhattan District Attorney Cyrus Vance Jr. announced indictments against a Christian University that is tied to the former parent company of Newsweek on Thursday.
The indictments are the latest to be handed down in the ongoing investigation against the university, Christian Media Corporation and Newsweek’s former parent company, Ibt Media.
Olivet University, as well as several of its top officials, were accused of “obtaining at least $25 million in financing under Olivet’s name, and laundering the money in order to obscure its origins and fund Olivet’s operations.”
Olivet has vehemently denied the accusations, a spokesperson for the University told TheWrap (see statement below).
Also Read: Newsweek Turmoil Continues as News Director Cristina Silva Exits
The indictments come about a month after the same office charged Newsweek’s former parent company, Ibt Media, and several of its top officials with fraud, accusing them of inventing financial statements in order to secure millions in loans.
The indictments are the latest to be handed down in the ongoing investigation against the university, Christian Media Corporation and Newsweek’s former parent company, Ibt Media.
Olivet University, as well as several of its top officials, were accused of “obtaining at least $25 million in financing under Olivet’s name, and laundering the money in order to obscure its origins and fund Olivet’s operations.”
Olivet has vehemently denied the accusations, a spokesperson for the University told TheWrap (see statement below).
Also Read: Newsweek Turmoil Continues as News Director Cristina Silva Exits
The indictments come about a month after the same office charged Newsweek’s former parent company, Ibt Media, and several of its top officials with fraud, accusing them of inventing financial statements in order to secure millions in loans.
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- Village Voice
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