As a film enthusiast with a keen interest in the business side of the industry, I find the case of Carlos Watson and Ozy Media to be both shocking and disappointing. I have always believed that the world of media and entertainment is a place where creativity, innovation, and integrity thrive. However, this incident serves as a stark reminder that not all is well in this realm.
A federal jury in Brooklyn found Carlos Watson, the founder of Ozy Media, guilty on Tuesday for deceiving investors regarding the management of the company he presented as a pioneering media business.
In the Eastern District court of New York, Watson was convicted for committing fraud and conspiring against the law following an intense eight-week trial. The consequences of his actions could lead him to serve a maximum sentence of 37 years behind bars.
In early 2023, I was part of the team supporting Ozy Media. Sadly, we faced a significant challenge when news broke about a controversy involving our COO, Watson, and Samir Rao. The New York Times exposed a deceptive plan they had orchestrated to falsely represent executives from companies like YouTube in order to secure investments for Ozy Media. This scandal ultimately led to the unfortunate decision to close the company’s doors.
I was deeply disturbed by the revelation that Watson had deceived me and countless other investors with an intricate web of lies. He manipulated financial data and orchestrated the forging of sham contracts, even impersonating a media executive to further his deceit. The consequences of Watson’s actions were severe – Ozy Media ultimately crumbled under the weight of these dishonest schemes. Today, however, we see justice being served as Watson is held accountable for his brazen crimes. My team and I are unwavering in our commitment to uphold honesty in financial markets and protect investors, big or small, from individuals like Watson who seek to exploit their trust and swindle them of their hard-earned money.
In a united announcement, legal representatives Ronald Sullivan and Janine Gilbert from Watson’s legal team, along with Shannon Frison from Ozy Media, declared their intention to file an appeal following the verdict handed down by the jury after three days of careful consideration.
“We are disappointed in the jury’s verdict and plan to appeal immediately,” the statement said.
In the previous year, Watson faced accusations of “impersonating media company executives” leading to charges of “aggravated identity theft” from federal authorities. They claimed that Watson and others had been involved in a long-term conspiracy to deceive investors through their communications with Ozy’s lenders and potential investors, as part of the fraudulent schemes.
From around 2018 to 2021, Watson, along with his accomplices Rao and Han, devised a plan to deceive investors in and creditors of Ozy by providing false information about significant aspects of Ozy’s business. These falsehoods concerned Ozy’s financial reports, outstanding debts, and audience statistics.
Using Watson’s conviction, the FBI intends to warn other business leaders at startups to act ethically and avoid illegal activities.
“Carlos Watson’s conviction serves as a stark reminder of the significant harm caused by corporate deceit and fraud,” commented Christie Curtis, the acting FBI chief in New York. “Watson’s actions, which involved defrauding investors and attempting to swindle a financial institution out of tens of millions, exposed the vulnerability of investors to misinformation. The FBI remains resolute in our mission to prosecute fraudsters, safeguarding the honesty of our financial markets and shielding market participants from unscrupulous practices.”
One of the investors in Ozy Media was Emerson Collective, led by Laurene Powell Jobs, and Marc Lasry, proprietor of the Milwaukee Bucks, was also among them.
In 2013, Watson, an entrepreneur with a background in analysis at McKinsey & Co. and banking at Goldman Sachs, established Ozy Media. He presented it to Hollywood and media communities as a place for exploring the latest trends in various fields such as politics and pop culture. Ozy Media created several shows for PBS, OWN, and A&E Network but failed to generate significant viewership on traditional TV. The company also organized the annual Ozy Fest conference in New York’s Central Park, which was intended to serve as a blueprint for traveling events.
Prior to the executive impersonation scandal coming to light, Ozy Media faced skepticism in the TV industry for promoting their shows, including Watson’s talk show, as being commissioned by major platforms like Amazon Prime Video and YouTube. However, the truth was that these programs were merely distributed through Amazon and YouTube’s self-publishing channels.
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2024-07-17 00:45