Ozy Media CEO Carlos Watson Arrested After Former Executive Pleads Guilty to Fraud
The CEO of Ozy Media, Carlos Watson, has been arrested following the guilty plea of a former executive, who was charged with defrauding investors. The executive, who was not named, reportedly inflated web traffic and social media metrics in order to secure investments for the media company.
Watson, who co-founded Ozy Media in 2013, is facing charges of conspiracy to commit securities fraud, wire fraud, and bank fraud. He is accused of playing a role in the scheme by providing false information to investors and lenders.
The charges against Watson come as a blow to Ozy Media, which had raised over $80 million in funding and attracted high-profile investors such as Laurene Powell Jobs, the widow of Apple founder Steve Jobs. The company had also struck deals with major media outlets such as HBO and Hulu.
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Watson, a former CNN anchor, had positioned Ozy Media as a media company focused on presenting news and stories from diverse perspectives. The company has been known for its innovative approach to storytelling and had gained a reputation as a rising star in the media industry.
The fallout from the scandal is likely to have a significant impact on Ozy Media’s future prospects. The company has already announced that it will be suspending its daily newsletter and TV show while it conducts an internal investigation.
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