The founder of the troubled digital start-up Ozy Media has been arrested on fraud charges as part of a scheme to prop up the financially struggling company
FILE — Carlos Watson participates in"The Contenders: 16 for 16" panel during the PBS Television Critics Association summer press tour, July 29, 2016, in Beverly Hills, Calif. Watson, founder of the troubled digital start-up Ozy Media, was arrested Thursday, Feb. 23, 2023 on fraud charges as part of a scheme to prop up the financially struggling company, which hemorrhaged millions of dollars before it shut down amid revelations of possibly deceptive business practices.
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.” “We are really disappointed,” Watson's attorney, Lanny Breuer, told the Journal after the arrest. “We have been acting in good faith and believe we had a constructive dialogue with the government and are shocked by the actions this morning.”
Authorities say Watson and his business partners, between 2018 and 2021, attempted to defraud investors and lenders of “tens of millions of dollars through fraudulent misrepresentations and omissions” about the company's debts and other key financial information.
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