The Mountain View-based company produced shows and gave “Ozy Genius” awards to college students.
Former TV personality Carlos Watson was convicted Tuesday, July 16, 2024 in a federal financial conspiracy case about Ozy Media, an ambitious startup that collapsed after another executive impersonated a YouTube executive to hype the company’s success.NEW YORK — Former TV personality Carlos Watson was convicted Tuesday in a federal financial conspiracy case about Ozy Media, an ambitious startup that collapsed after another executive impersonated a YouTube executive to hype the company’s success.
Watson and Ozy had pleaded not guilty and denied the allegations. He testified that Ozy’s cash squeezes were standard startup speed bumps and that materials given to investors noted that the information wasn’t audited and could change — “like ‘buyer beware,'” he said. Watson’s relatives and supporters left court without commenting, but wearing black shirts emblazoned with, “Whose son is next?”
But prosecutors said that underneath Ozy’s hip public profile, the company was tottering financially from 2018 on. It routinely ran short of money to pay vendors, rent and even employees and took out expensive loans against future receipts to cover its bills, former finance Vice President Janeen Poutre testified.
Ozy gave much bigger revenue numbers to its prospective backers than to its accountants, with the discrepancy widening to $53 million versus $11.2 million for 2020, according to testimony and documents shown at trial. To woo potential corporate suitors and lenders, Rao forged some terms of contracts with a network for one of Ozy’s TV shows. Then, when a bank wanted to check with the network, Rao set up a fake email account for an actual network executive and sent a message offering information. The bank loan didn’t happen.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ozy Media founder Carlos Watson is guilty of fraudCarlos Watson, the cofounder of the collapsed media firm Ozy Media, was found guilty of misleading investors by falsifying financial records and business deals.
Read more »
Former TV host Carlos Watson convicted in trial over collapse of Ozy Media startupSince its founding in 2013, Ozy Media scored tens of millions in funding who believed the digital media start-up could reach new audiences. But reports of misconduct by one of the company’s top executives have prompted questions about what was going on behind the scenes. NBC’s Stephanie Gosk reports for TODAY.
Read more »
Ex-TV host Carlos Watson convicted in trial over collapse of startup Ozy MediaFormer TV personality Carlos Watson has been convicted in a federal financial conspiracy case about collapsed startup Ozy Media.
Read more »
Ex-TV host Carlos Watson convicted in trial over collapse of startup Ozy MediaNEW YORK (AP) — Former TV personality Carlos Watson was convicted Tuesday in a federal financial conspiracy case about Ozy Media, an ambitious startup
Read more »
Ex-TV host Carlos Watson convicted in trial over collapse of startup Ozy MediaFormer TV personality Carlos Watson has been convicted in a federal financial conspiracy case about collapsed startup Ozy Media. Brooklyn federal prosecutors announced Tuesday on X that a jury found Watson guilty of all three charges against him.
Read more »
Carlos Watson testifies in his trial over collapse of startup Ozy MediaFormer TV host Carlos Watson took the witness stand Monday in the criminal trial surrounding the collapse of his Ozy Media, insisting he hadn't schemed to con the startup's backers.
Read more »