Carlos Watson, Ozy Media Founder, Is Found Guilty of Fraud

A federal jury reached a verdict on Tuesday, finding Carlos Watson and Ozy Media guilty of attempting to defraud investors and lenders in order to promote their start-up venture. The jury spent three days deliberating after an eight-week trial where prosecutors accused Watson of conspiracy to commit securities and wire fraud. Witnesses revealed additional details about deception at the company, including an impersonated phone call, fabricated contracts, and misleading claims about Ozy’s earnings. Watson potentially faces up to 37 years in prison. The defense argued that other Ozy employees were responsible for any fraudulent activity. Ozy, founded in 2013, initially focused on publishing news articles and newsletters before expanding into podcasts and television productions.