The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Former Ozy Media head sentenced to nearly 10 years in prison

by admin December 17, 2024
December 17, 2024
Former Ozy Media head sentenced to nearly 10 years in prison

The former head of Ozy Media has been sentenced to 10 years in prison for his role in an alleged fraud involving the failed content startup.

Carlos Watson was facing a maximum of 37 years in prison after his July conviction on securities and wire fraud charges. Prosecutors had sought a 17-year sentence and multimillion-dollar forfeiture to the government.

“The quantum of dishonesty in this case is exceptional,” U.S. District Judge Eric Komitee said in handing down the sentence, according to The Associated Press. He later told Watson: “Your internal apparatus for separating truth from fiction became badly miscalibrated.”

Watson pleaded not guilty to the charges and has continued to maintain his innocence.

The rise and fall of Ozy closely tracked the broader internet media bubble of the 2010s. The group attempted to ride the investment wave generated by the likes of BuzzFeed and Vice, which were attracting billions in venture capital.

Both of those firms have themselves faced financial reckonings: BuzzFeed narrowly avoided being delisted from the stock market, while Vice filed for bankruptcy.

During the Watson trial, a former lieutenant explained the pressures Ozy came under to stay afloat — and the boundaries it crossed to do so.

“Survival within the bounds of decency, fairness, truth, it morphed into survival at all costs and by any means necessary,” former Ozy Chief Operating Officer Samir Rao told jurors, saying that Watson had sanctioned all his falsehoods. Rao himself pleaded guilty.


This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Trump and Japan tech conglomerate SoftBank announce $100 billion in U.S. investments
next post
McKinsey & Co. to pay $650M to settle opioid consulting probe, ex-partner to plead guilty

Related Posts

Reddit targets international users for ad growth, teases...

November 28, 2024

Donatella Versace steps down as head of Italian...

March 14, 2025

Warner Bros. Discovery adds 7.2 million Max subscribers,...

November 10, 2024

Volkswagen workers in Tennessee vote to join UAW...

April 21, 2024

Millions of parents and young kids could be...

December 14, 2023

A Burt’s Bees, Hidden Valley Ranch lip balm...

January 20, 2024

The FAFSA form error that would have limited...

January 25, 2024

Federal Reserve minutes indicate worries over lack of...

May 24, 2024

A U.S. construction boom is sending rents lower...

August 15, 2024

Costco sold more than $100 million in gold...

December 16, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,392)
    • Investing (3,346)
    • Politics (4,519)
    • World (4,450)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved