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Carlos Watson, co-founder of Ozy Media, was defrauded by a co-founder of a liar, his lawyer confirms at the end of the fraud case in New York

The co-founder of Ozy Media, Carlos Watson, was betrayed by one of his most important assistants, who lied to investors and falsified documents to hide the company’s financial difficulties, the defense lawyer said on Thursday finales du procès pour fraude de l’ancien présenateur de Journaux televised. Watson, ancien présentateur de Journaux télévisés et banquier d’affaires, et Ozy is accused of fraud and matière de valeurs mobilières and de complicité de fraude électronique. Read the prosecution’s confirmation that they falsified information on finances and audience d’Ozy, that they fabricated contracts and inflated forecasts of befências pour tromper les investisseurs.

Watson and Ozy are plaid that cannot be paired. Ozy Media was an information and entertainment company based in California and founded in 2013. It imploded in 2021 after press articles questioned its ratings and revealed that an executive had taken passers-by for Dirigeant de YouTube lors d’un appel Bizarre avec des bankquiers by Goldman Sachs.

L’avocat de Watson, Ronald Sullivan, en declaré judi aux jurés que le cofondateur d’Ozy et ancien directeur de l’exploitation, Samir Rao, était à blamer.

Au début de ce procès, je vous ai dit que cette affaire concernait un cofondateur malhonnête nommé Samir Rao, qui a menti à Carlos Watson, l’a affaibli et l’a trahi. Les preuves l’ont confirmé dans cette affaire, a declared M. Sullivan.

Rao and Suzee Han, l’ancien chief de cabinet d’Ozys, ont pleadé coupables de fraude et de conspiracy en février 2023. Tous Deux ont témoigné contre Watson au Cours des six semaines qu’a duré le procès.

The affair was a result of the spectacular fall of Ozy, who raised more than $70 million from investors and promised to offer intelligent coverage of the news to a young and diversified public.

Ozy a fermé ses Portes peu de temps après qu’une serie d’articles de Presse publiés en September 2021 ont mis en doute les affirmations relative à la taille de son audience et révélé que M. Rao s’était fait passer pour un Dirigeant de YouTube using a voice modulator and a fake email address.

Watson a reconnu l’incident mais a nié y être pour quelque something, mais les prosecutor ont declared que des Registres de conversation contemporains montrent qu’il conseille Rao sur ce qu’il devait dire lors de l’appel avec des investisseurs potentials Chez Goldmans potentials.

Rao and Han ont testified to jurors that they helped Watson lie to investors about Ozys’ financial performance because they needed cash to cover the company’s operating expenses and interest payments.

Ozys’ cash reserves dwindled to $19,000 in 2018 as the company sought to pay rent, wages and other basic expenses, according to the evidence from the trial, but prosecutors stated that Watson continued to tell investors that the company was thriving.

Watson knew the company had failed, but he was determined to make Ozy and himself the next big thing, and he didn’t allow the truth to cross his path, prosecutor Gillian Kassner said.

Watson testified over several days for his defense, confirming that the prosecutors’ version of Ozy’s finances was too simplistic and did not take into account the nuances of transactions in the media industry. Il stated that Ozy was on the right track to becoming a successful company until he was confused by negative media coverage.

Lors du Contre-interrogatoire, M. Watson s’est parfois montré évasif sur les chiffres de venus incohérents delivered by Ozy aux investisseurs, refusant de réponder par oui ou par non à la question de savoir Combien d’argent l’entreprise avait Gagné au Course d’une année donnée.

When the prosecutor asked me to check the annual receipts for Ozy en espèces instead of potential future benefits, I refused.

“Ce n’est pas ainsi que je voyais les choses opuravant et ce n’est pas ainsi que nos investisseurs voyaient les choses”, declared at-il.

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