Two of the company’s top executives pleaded guilty this month to fraud charges, including then-chief operating officer who allegedly impersonated a YouTube executive.
Federal agents arrested Carlos Watson, 53, at a Manhattan hotel after two of the company’s top executives pleaded guilty this month to fraud charges, including Ozy’s then-chief operating officer, Samir Rao, who allegedlyindictment unsealed Thursday in US District Court in Brooklyn
The indictment accuses Ozy founder Carlos Watson of conspiring to commit securities fraud and wire fraud, as well as identity theft.In a parallel civil case, the Securities and Exchange Commission also charged Watson and the company with defrauding investors of about $50 million “through repeated misrepresentations concerning the company’s basic financial condition, business relationships, and fundraising efforts.
“As alleged, Carlos Watson is a con man whose business strategy was based on outright deceit and fraud,” said Breon Peace, the US Attorney for the Brooklyn-based Eastern District of New York. “He ran Ozy as a criminal organization rather than as a reputable media company.” If convicted, Watson faces at least two years in prison, with a maximum of 37 years, the US attorney’s office said.
The agency, whose regulatory responsibilities include protecting investors, accused Ozy officials of “routinely and purposely” presenting potential investors with dubious financial information, including falsely claiming that the company’s revenues were at least twice what they actually were.
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