NEW YORK (AP) — Former TV personality Carlos Watson was convicted Tuesday in a federal financial conspiracy case about Ozy Media, an ambitious startup that collapsed after another executive impersonated a YouTube executive to hype the company’s succe
NEW YORK — Former TV personality Carlos Watson was convicted Tuesday in a federal financial conspiracy case about Ozy Media, an ambitious startup that collapsed after another executive impersonated a YouTube executive to hype the company’s success.
Watson pleaded not guilty and denied the allegations. Watson testified that Ozy’s cash squeezes were standard startup speed bumps and that materials given to investors noted that the information wasn’t audited and could change — “like ‘buyer beware,’” he said. But prosecutors said that underneath Ozy’s hip public profile, the company was tottering financially from 2018 on. It routinely ran short of money to pay vendors, rent and even employees and took out expensive loans against future receipts to cover its bills, former finance Vice President Janeen Poutre testified.
Ozy gave much bigger revenue numbers to its prospective backers than to its accountants, with the discrepancy widening to $53 million versus $11.2 million for 2020, according to testimony and documents shown at trial. To woo potential corporate suitors and lenders, Rao forged some terms of contracts with a network for one of Ozy’s TV shows. Then, when a bank wanted to check with the network, Rao set up a fake email account for an actual network executive and sent a message offering information. The bank loan didn’t happen.
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