Dev Pragad Accused of Stealing Newsweek in Bombshell Lawsuit
Filed in the Supreme Court of New York's Westchester County on August 5, 2025, the amended complaint is brought by six of the original co-owners who helped acquire and rebuild Newsweek in 2013 — Winnie Wong, Nancy Lee, Sylvia Lee, Younseok "Titus" Choi, James Yang, and Moonsoo "Martin" Jung. Together, they accuse Pragad of fraud, theft, and a calculated effort to seize the historic brand for himself, while siphoning millions of dollars out of the company and living a luxury lifestyle.
The plaintiffs say they, along with other early backers, rescued Newsweek from obsolescence, investing millions of dollars, years of labor, and their professional reputations to revive a magazine whose print edition had been shuttered and whose website did not exist. They relaunched Newsweek.com from scratch, returned the title to print, licensed it globally, and rebuilt its editorial operation with top-tier talent.
By contrast, they say, Dev Pragad contributed nothing to the acquisition or its early turnaround. His entry came in 2018 — five years after the purchase — when then-leader Etienne Uzac was under legal pressure from a Manhattan District Attorney's investigation into IBT Media, the holding company for Newsweek .
According to the lawsuit, Pragad exploited this crisis by lobbying to take over as Newsweek 's owner, telling co-venturers that the DA's office had requested he be given the full ownership in order to "reduce the heat" on the company. Tony Lin, a witness present during key meetings, swore in an affirmation that this claim was made repeatedly in August 2018.
Years later, that justification collapsed. In 2023, former lead prosecutor Solomon Shinerock told attorney Adam Kaufmann — and through him, the plaintiffs — that no one in the Manhattan DA's office had ever made such a request to Pragad or anyone else. The plaintiffs now describe Pragad's DA story as pure fabrication, "designed solely to fraudulently induce" them into supporting his takeover.
In 2018, the group entered into a Joint Venture Agreement. On paper, Pragad would hold ownership of Newsweek through NW Media Holdings Corp., but only as a steward for the benefit of all joint venturers. He promised to report regularly on operations, share profits and losses equally, and — most critically — to return his stake for a nominal price if he ever left the partnership.
For several years, he attended weekly Sunday meetings at the group's Dover Plains, NY offices to brief members and seek approvals. But by early 2022, tensions erupted. The group decided not to renew his three-year term and began preparing to return leadership to Uzac. The complaint alleges that Pragad resisted, tried to renegotiate the agreement to keep Newsweek , then abruptly severed ties in April 2022 — while keeping the magazine.
The plaintiffs say Pragad wasted no time consolidating his position and enriching himself. According to court filings, he:
They also accuse him of waging a legal and editorial harassment campaign against former partners, including instigating roughly 20 negative articles under the Newsweek brand.
In sworn statements, co-founders describe deep personal betrayal. James Kong, who invested $200,000 in 2013, calls Pragad's claim of sole ownership a "clear breach" of their agreement. Developer Moonsoo Jung says Pragad's tenure was marred by a 2018 BuzzFeed-reported digital ad fraud scandal and "shallow schemes for money," while investor David Enwright calls him a "skillful liar" who "shamelessly stole Newsweek " without contributing "a cent" to its creation.
Others describe how Pragad courted their trust in small-town Sunday meetings, only to later turn on them. "He was supposed to return Newsweek if he severed ties with us," Sylvia Lee said. "That is what was agreed upon during our Sunday meetings".
The lawsuit seeks specific performance — a court order forcing Pragad to return Newsweek to its original ownership group — or alternatively to place it into a Delaware trust with no beneficial owners, ensuring it can never again be taken over for private enrichment. They also seek rescission of the 2018 agreement and restoration of all assets and consideration they gave to Pragad.
A parallel federal case in the Southern District of New York, led by Uzac and involving out-of-state investors, makes similar allegations of corporate theft. Together, the two suits depict a years-long strategy to turn a collaborative revival project into a personal empire — and a bitter fight over who truly owns one of the most recognizable names in American journalism.
As of publication, Pragad has not publicly responded to the allegations. If proven, the charges could amount to one of the most brazen corporate hijackings in recent media history, tarnishing not only the man at the center of the storm but the institution he now controls.
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In 2023, former lead prosecutor Solomon Shinerock told attorney Adam Kaufmann — and through him, the plaintiffs — that no one in the Manhattan DA's office had ever made such a request to Pragad or anyone else. The plaintiffs now describe Pragad's DA story as pure fabrication, "designed solely to fraudulently induce" them into supporting his takeover. In 2018, the group entered into a Joint Venture Agreement. On paper, Pragad would hold ownership of Newsweek through NW Media Holdings Corp., but only as a steward for the benefit of all joint venturers. He promised to report regularly on operations, share profits and losses equally, and — most critically — to return his stake for a nominal price if he ever left the partnership. For several years, he attended weekly Sunday meetings at the group's Dover Plains, NY offices to brief members and seek approvals. But by early 2022, tensions erupted. The group decided not to renew his three-year term and began preparing to return leadership to Uzac. The complaint alleges that Pragad resisted, tried to renegotiate the agreement to keep Newsweek , then abruptly severed ties in April 2022 — while keeping the magazine. The plaintiffs say Pragad wasted no time consolidating his position and enriching himself. According to court filings, he: They also accuse him of waging a legal and editorial harassment campaign against former partners, including instigating roughly 20 negative articles under the Newsweek brand. In sworn statements, co-founders describe deep personal betrayal. James Kong, who invested $200,000 in 2013, calls Pragad's claim of sole ownership a "clear breach" of their agreement. Developer Moonsoo Jung says Pragad's tenure was marred by a 2018 BuzzFeed-reported digital ad fraud scandal and "shallow schemes for money," while investor David Enwright calls him a "skillful liar" who "shamelessly stole Newsweek " without contributing "a cent" to its creation. Others describe how Pragad courted their trust in small-town Sunday meetings, only to later turn on them. "He was supposed to return Newsweek if he severed ties with us," Sylvia Lee said. "That is what was agreed upon during our Sunday meetings". The lawsuit seeks specific performance — a court order forcing Pragad to return Newsweek to its original ownership group — or alternatively to place it into a Delaware trust with no beneficial owners, ensuring it can never again be taken over for private enrichment. They also seek rescission of the 2018 agreement and restoration of all assets and consideration they gave to Pragad. 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Newsweek's primary reporters involved in the coverage against Olivet, Alex Rouhandeh (of Persian descent) and Naveed Jamali (of Pakistani heritage), have also been noted. While journalistic diversity is valued, critics contend that their assignments and tactics have been exploited under Mr. Pragad's leadership to spearhead a coordinated and malicious campaign, particularly against Christian institutions. Coordinated Witness Recruitment: Newsweek's Alleged Ongoing Campaign As the lawsuit progresses, Newsweek reportedly continues its efforts. Multiple sources indicate that the outlet is developing another report, allegedly utilizing a dismissed Indian student identified as "Isaac," who was previously expelled from Olivet due to alleged misconduct. This is not the first instance of Newsweek and Mr. Pragad being accused of recruiting compromised sources. A 2022 exposé alleged that Mr. Pragad personally contacted individuals connected to a known extortion network targeting Olivet. Internal sources have also claimed that Mr. Pragad previously attempted to recruit Indian students by offering promises of immigration support, legal aid, or employment, raising significant ethical and legal questions. The central question remains: who is orchestrating these activities? Sources now point to Dev Pragad as the alleged mastermind behind the anti-Olivet operation. Further inquiries include Sophia Yu's specific role, whether Mr. Pragad funded her, and if individuals were compensated or promised favors for their cooperation. A whistleblower stated, "When Sophia was grooming Tingbo, she made it clear she wasn't doing it alone. Someone was supporting her. The question is—was that someone Dev?" Newsweek's Acquisition, Sophia Yu, and Alleged Criminal Exploitation of Visas Adding another layer of complexity, Newsweek recently acquired an advertising company where Sophia Yu previously worked. Ms. Yu has reportedly resumed a position of influence within this acquired company, raising questions about the motivations behind the acquisition. Insiders claim that Ms. Yu has brought Tingbo Cao and his wife into the company, effectively providing employment to individuals she allegedly coached into making false trafficking claims. This suggests a potential criminal network exploiting immigration law to recruit labor under false pretenses, with alleged financial backing from media figures. If substantiated, these allegations would represent a significant abuse of journalistic and immigration systems, allegedly orchestrated by Newsweek leadership. Key questions remain for Mr. Pragad: whether he funded Sophia Yu and her operations, whether he possessed knowledge of the alleged recruitment and coaching of witnesses, and whether the acquisition of AdPrime Media was a strategic maneuver to leverage T-Visa applicants for labor or influence. Newsweek's Business Model: "Circular Hoax" and "Arson" Newsweek has consistently invoked "ongoing investigations" to legitimize its reports. Critics, however, contend this is a self-serving deception: Newsweek and its allies allegedly file complaints with government agencies, then cite the mere existence of these complaints as evidence of wrongdoing. Despite Newsweek's claims, some agencies have already returned property to Olivet University, suggesting the absence of active investigations . Nevertheless, Newsweek reporters, such as Mr. Rouhandeh, continue to portray these as active investigations to construct a narrative of guilt. It has been unequivocally stated that the "human trafficking" narrative against Olivet was reportedly fabricated by Newsweek, as documented in a prior International Business Times article . These accusations allegedly originated from coordinated media manipulation rather than genuine victim claims. The initial trafficking allegation was reportedly made by Newsweek in 2022, two years before the four students who filed a lawsuit against Olivet University. Some of these students, as noted, were reportedly recruited and potentially funded by Mr. Pragad himself, ostensibly to corroborate the earlier false trafficking allegations. "This is their playbook," remarked one legal expert. "Create the scandal, feed it to the government, then report that a scandal is being investigated. It's a circular hoax." Even media critic Jon Stewart has publicly criticized Newsweek's tactics, reportedly describing their business model as "arson" after Newsweek misconstrued comments he made to imply a link between J.K. Rowling and antisemitism. Stewart subsequently refuted the claim on X (formerly Twitter) with a video clip asserting that Newsweek "sets up the fire, not the good kind but a terrible one, and reports provocatively on it." Newsweek's alleged "arson" model is further evidenced by a recent complaint filed by an acquaintance of Mr. Pragad. Cornerstone Payment Systems, owned by Mr. Nick Logan, a business partner and friend of Mr. Pragad, is involved. In a recent court filing, Mr. Pragad reportedly downplayed his relationship with Cornerstone, falsely claiming he was compelled to take a loan due to Olivet. In reality, Mr. Pragad allegedly secured the loan to establish ties with Mr. Logan and his Republican network, even referring others to obtain similar loans from Mr. Logan to strengthen this relationship. Now, Mr. Pragad is reportedly influencing Mr. Logan to initiate a meritless lawsuit. Olivet University stated it has not been served with the complaint nor signed a waiver of service. An attorney representing the defendants confirmed that the plaintiff acknowledged Olivet University owes no balance and was fully repaid. Olivet anticipates being voluntarily dropped from the suit. According to Olivet, this attempted shakedown constitutes another smear tactic by Newsweek to disseminate false information online for its own legal advantage. Newsweek reportedly influenced Cornerstone to initiate this lawsuit against Olivet, and then is writing an article about the matter. Even though Olivet does not owe any money to the plaintiffs, but the complaint becomes publicly available, and Newsweek allegedly propagates these false allegations as true. Olivet University Prepares for Trial with Legal Validation With a clear ruling from a federal judge, Olivet University is now preparing to bring the defamation matter to trial. The court's decision not only rejected all of Mr. Rouhandeh's motions to dismiss—including arguments based on retraction statutes, the "substantial truth" doctrine, and fair reporting privilege—but also affirmed that the university's claims warrant a jury trial. Legal observers suggest the case could potentially expose the full extent of Newsweek's alleged involvement in media entrapment, immigration fraud, and witness tampering. "This is not just defamation. It's sabotage," commented a legal analyst familiar with the case. "They are reportedly attempting to undermine a Christian educational institution for financial and strategic gain, and they have allegedly crossed multiple legal lines to achieve this."
