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Carlos Watson, the founder and chief government of Ozy Media, was convicted of securities fraud and wire fraud conspiracy on Tuesday by a New York federal jury.
Watson is a former funding banker and broadcast information anchor. He was additionally discovered responsible of aggravated identity theft.
Per the WSJ, in an announcement after the decision, Brooklyn U.S. Lawyer Breon Peace stated: “The jury discovered that Watson was a con man who instructed lie upon lie upon mislead deceive buyers into shopping for inventory in his firm.”
The probe started after a bombshell 2021 New York Times article that alleged an Ozy cofounder pretended to be a YouTube government on a name with Goldman Sachs to safe funds.
Authentic story from February 23, 2023, under:
Scandal-ridden Ozy Media has been out and in of headlines over the previous yr after allegations the corporate was concerned in a collection of fraudulent schemes led to a probing investigation by the U.S. Division of Justice and the Securities and Change Fee.
The investigation took a flip when Ozy co-founder Samir Rao pleaded responsible to fraud fees earlier this week, resulting in the arrest of co-founder and chief government Carlos Watson on Thursday afternoon at a lodge in New York Metropolis.
Court documents state that Watson “engaged in a scheme to defraud Ozy’s buyers, potential buyers, potential acquirers, lenders, and potential lenders” by mendacity about Ozy’s monetary standings, potential earnings and acquisitions.
Associated: ‘Ignore Your Schedule’: The Bad Advice that Ozy Media’s Carlos Watson Gave to Entrepreneur
In response to the Wall Street Journal, Watson was trying to lock down “tens of hundreds of thousands of {dollars}” from buyers to repay the corporate’s debt. He was formally charged with conspiring to commit securities fraud and wire fraud and faces a most sentence of 37 years in jail.
The probe into Rao and Watson started after a bombshell New York Times article was launched in 2021, which alleged that Rao pretended to be a YouTube government whereas on a name with Goldman Sachs in an try and safe funds. Watson later blamed Rao’s habits on a “very private psychological well being concern” in a letter to workers and known as the Occasions article a “hitjob.”
Heartbroken by the ridiculous hitjob from the NYTimes. However we’re sturdy and undeterred. Constructing one thing new, recent and worthy is just not for the weak. Here’s what I despatched our crew. pic.twitter.com/qcH4m9zqM2
— Carlos Watson (@carloswatson) September 27, 2021
“I’m deeply disillusioned by the occasions of in the present day,” Watson’s lawyer, Lanny Breuer, wrote in an announcement to CNN. “We have been engaged in religion and constructive dialogue with the Authorities. Given the Division’s claims of selling such dialogue, I don’t perceive the dramatic resolution to arrest Carlos in the present day.”
Simply earlier this month, Watson pitched investors on the rebirth of the media firm on the MAGNA Fairness Upfronts in Manhattan.
The pending investigation and previous allegations weren’t talked about in the course of the 30-minute presentation.
Ozy launched in September 2013 below the possession and guise of Watson and Rao. Ozy produced a collection of in-house TV reveals, newsletters, and podcasts in partnership with main networks like The Historical past Channel and BBC.
It formally stopped producing new content material in October 2021 following the NYT report.
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