Ozy Media Shuts Down After Founder Carlos Watson Charged With Fraud, Identity Theft

variety.com:

Todd Spangler NY Digital Editor Ozy Media has closed its doors after Carlos Watson, the digital media and entertainment company’s founder and CEO, was arrested and indicted on federal fraud charges. ⁦‪”In light of its current operational and legal challenges, the Ozy board has determined that it’s in the best interests of its stakeholders to suspend operations immediately,” the company said on its Twitter account Wednesday.

The company’s website, ozy.com, was unreachable as of Wednesday evening. On Feb. 23, Watson was arrested in Manhattan and charged with conspiracy to commit securities fraud and conspiracy to commit wire fraud in what the Justice Department alleged was a scheme to defraud Ozy’s investors and lenders.

Watson was also charged with “aggravated identity theft” for his role in the impersonation of “multiple media company executives” in communications with Ozy’s lenders and prospective investors in furtherance of the fraud schemes, federal prosecutors said.

In a Twitter thread posted last Friday, Watson said he “will fight these charges with everything I have, and I look forward to my day in court.” “I am deeply disappointed by the government’s actions yesterday,” he wrote in the Feb.