Ex-Publishing Executives Plead Guilty, Avoid Jail Time in Case Linked to Newsweek Magazine
While the details of their sentences have yet to be confirmed, attorneys for both men said the plea arrangements do not involve jail time.
February 18, 2020 at 05:01 PM
2 minute read
Manhattan District Attorney Cyrus Vance Jr. (Photo: Rick Kopstein/ALM)
Two former publishing executives pleaded guilty Friday to fraud and money laundering, acknowledging their involvement in what the Manhattan District Attorney's Office described as a $35 million scheme of fraudulent loans.
Etienne Uzac, a former co-owner of Newsweek magazine through the company IBT Media, and William Anderson, a former chief executive of Christian Media Corp. and former trustee of Olivet University, are scheduled for sentencing in April.
While the details of their sentences have yet to be confirmed, attorneys for both men said the plea arrangements do not involve jail time.
Marc Agnifilo of Brafman & Associates, who represents Uzac, said the plea will allow Uzac to put the matter behind him.
"Because the loans were fully repaid, we were offered, and we accepted, a non-jail resolution," Agnifilo said in a statement.
Jim Walden of Walden Macht & Haran, who is representing Anderson, said he appreciated that New York County Supreme Court Justice Ruth Pickholz focused on the facts.
"She understood from the very beginning of the case that no one was out any money and that the loans had been repaid and that the money was not used for any sort of personal gain, it was really just used to help finance the operation of a Bible college and its related entities," he said.
IBT Media and Christian Media have already pleaded guilty to roles in the scheme, and each company paid $50,000 in forfeiture, according to the DA's office.
In a statement addressing the Anderson and Uzac guilty pleas, Manhattan District Attorney Cyrus Vance Jr. praised the office's Major Economics Crimes Bureau's work.
"If you compromise the integrity of New York's core industries and financial markets, our Office will hold you criminally accountable whether you're a low-level employee or a high-powered CEO," Vance said.
Read more:
Michael Avenatti Convicted of Federal Fraud, Extortion Charges in Nike Shakedown
Ex-Goldman Sachs Banker Pleads Guilty to Securities Fraud Conspiracy
When To Involve a Forensic Accountant in Your White-Collar Criminal Case
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