Longtime Christian Post Publisher Charged in $10 Million Fraud Scheme
William C. Anderson—who served as the CEO of the Christian Media Corporation (CMC International), whose flagship publication is The Christian Post—and Etienne Uzac—the CEO IBT Media (until recently, the owners of Newsweek)—were arraigned today on charges of fraud, conspiracy, money laundering, and falsifying business documents, following a long-running investigation by the Manhattan district attorney’s office.
The indictment alleges that the two companies, which were also indicted, faked financial audits to secure $10 million in loans—with $1.5 million going to CMC International—then used the money to make up for deficits from general operations rather than purchasing the high-performance equipment they told financers they would....