Home > Uncategorized > David Jang’s Christian University Charged in $35 Million Fraud Scheme

Manhattan DA’s case involving the former heads of Newsweek and the Christian Post expands to include Olivet University.

The case against the ex-publisher of the Christian Post and the affiliated Christian Media Corporation has expanded to an alleged $35 million money laundering scheme involving a California-based Bible college.

The Manhattan District Attorney’s office on Thursday charged Olivet University with making up a fake accountant to make its financial standing look better than it actually was so it could obtain funding to support day-to-day operations. An indictment filed last month accused Christian Media Corporation and former Newsweek owner IBT Media of similar activity.

The case naming Olivet—founded by controversial Korean pastor David Jang (not to be confused with Olivet Nazarene University in Illinois or Olivet College in Michigan) —brings about a dozen more charges against William C. Anderson, who led the Christian Post from 2010 until last summer, IBT CEO Etienne Uzac, and their companies. They were indicted by the DA on an initial $10 million fraud in October, as CT reported.

Though all have denied the alleged wrongdoing and pled not guilty, the district attorney’s case legally brings together several entities suspected to be working together under the influence of Jang’s network, but have long denied any official or financial connection to one another.

The defendants see the case as, essentially, a victimless crime, since the loans they allegedly obtained through fraudulent means have all been repaid.

“Olivet University denies the charges announced [Thursday] by the District Attorney’s Office and will vigorously defend itself against these unsupported allegations — including the puzzling claim that lenders who have suffered no loss were somehow victimized,” Olivet spokesman …

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