Ex-LNP President Accused of Sending $214k to Different Organizations; Investigation Finds That Money May Be Gone Illegally From Company Accounts.
Business
$60 million funding came from private investors
A few weeks ago, the company found itself in hot water when a 26-year old man was sued for giving away approximately $214,000 in LNP cash. This amount included money given by two companies: one, Dewhurst and one others. At the time of his arrest, the suspect was 23 years of age. He has not yet been arraigned on these charges and remains free pending further developments.
The Los Angeles Times reported that the money had come from LNP accounts which were allegedly run by this former CEO. His attorney explained that the money had been donated by Dewhurst, another organization, which had bought the bank's account online. In response, an investigative reporter contacted both entities and discovered the money had indeed been transferred from a LNP account to the two organizations. The investigation also discovered that Mr. Winn had been accused of insider trading in the past. However, this action did not prevent him from being accused of improper conduct with regard to the funds.
Marc Winn is an American businessman who used to own LNP (Los Angeles Newspaper Publishers), one of the largest newspaper publishing companies in the United States. He also owned the Associated Press which provided news to local newspapers. LNP published hundreds of daily papers across the US and Canada. In 2003, he was elected as the president of the company but due to many reasons, he resigned in 2005 before being reelected.
