*Ozy Media founder Carlos Watson was convicted of fraud by a Brooklyn federal jury on Tuesday.
We reported earlier that Watson was accused of defrauding “investors of tens of millions of dollars through fraudulent misrepresentations and impersonated media company executives during negotiations,” per the United States Attorney’s Office of the Eastern District of New York, TheWrap reports.
The California-based news and entertainment company allegedly misled investors about the company’s finances and fabricated deals with Google and Oprah Winfrey, CNBC reports. Watson faced charges of securities fraud and wire fraud conspiracy. He previously said that the case was an attack against Black entrepreneurs.
“Sometimes people of color are warned not to think too big. That the color of your skin will limit what you can hope to accomplish,” Watson said in a video posted to X (formally Twitter). “Like a lot of black entrepreneurs, I had trouble often getting through the door or getting meetings that they took seriously.”
He added, “Our mistakes are being turned into crimes and we’re having people charge us in a gross and inappropriate way,” Watson added.
“And while I’m not a martyr,” Watson continued, “I do care about the next generation.”
Federal authorities arrested and indicted Watson in February on charges of securities fraud. He pleaded not guilty, with his lawyer arguing that he was unaware of the misconduct of subordinates who acted independently.
Ozy Media collapsed in 2021 after a New York Times exposé on the company prompted the feds to examine the company’s business practices. It was discovered that Watson’s former partner, Samir Rao, impersonated a YouTube executive during a fundraising call with Goldman Sachs Group Inc.
Rao ultimately pleaded guilty to fraud charges.
“Ozy Media ultimately collapsed under the weight of Watson’s dishonest schemes and with today’s verdict, Watson himself has been held accountable for his brazen crimes,” Brooklyn US Attorney Breon Peace said in a statement, CNN reports.
READ MORE FROM EURWEB.COM: Carlos Watson Reacts to Fraud Indictment: ‘Our Mistakes Are Being Turned Into Crimes’
