Carlos Watson, Fraud Scheme, New York 2024
Carlos Watson, CEO of Ozy Media, Sentenced to 116 Months in Prison for Leading Multi-Million Dollar Fraud Scheme
Carlos Watson, the founder and former Chief Executive Officer of Ozy Media, Inc. (Ozy), has been sentenced to 116 months in prison for conspiracy to commit securities fraud, conspiracy to commit wire fraud, and aggravated identity theft. The sentence was handed down earlier today in federal court in Brooklyn.
Watson was convicted in July 2024 following an eight-week trial. Ozy, which was also convicted at trial, was sentenced to one year probation. Additional penalties of forfeiture and restitution will be imposed at a later date.
“Carlos Watson orchestrated a years-long, audacious scheme to defraud investors and lenders to his company, Ozy Media, out of tens of millions of dollars,” stated Breon Peace, United States Attorney for the Eastern District of New York. “His incessant and deliberate lies demonstrated not only a brazen disregard for the rule of law, but also a contempt for the values of honesty and fairness that should underlie American entrepreneurship. Today’s sentence should serve as a warning to those who would engage in fraud that justice will be swift and certain.”
According to court filings and as proven at trial, between 2018 and 2021, Watson and his co-conspirators orchestrated a scheme to defraud investors out of tens of millions of dollars through fraudulent misrepresentations and omissions about Ozy’s financial performance. The scheme caused actual investor losses in excess of $60 million and intended to deprive potential investors of hundreds of millions more.
The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant United States Attorneys Jonathan Siegel, Gillian Kassner, and Dylan A. Stern are in charge of the prosecution.
The case highlights the importance of holding corporate leaders accountable for their actions. As the investigation into Ozy Media continues, it is clear that Watson’s scheme was a brazen attempt to deceive investors and lenders. His sentence should serve as a warning to others who would engage in similar behavior.
Defendant Information:
Name: Carlos Watson
Crime: Conspiracy to commit securities fraud, conspiracy to commit wire fraud, and aggravated identity theft
City and State: Brooklyn, New York
Date: July 2024 (sentencing)
Sentence: 116 months in prison
Dollar Amount: $60 million (actual investor losses)
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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