Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Business

Trump commutes sentence of Ozy Media founder Carlos Watson

by admin March 30, 2025
March 30, 2025
Trump commutes sentence of Ozy Media founder Carlos Watson

President Donald Trump commuted the criminal sentence of Ozy Media founder Carlos Watson on Friday, just hours before Watson was due to begin serving a 116-month prison term for a multi-million-dollar scheme that included falsely claiming the start-up had deals with Google and Oprah Winfrey, a senior White House official said.

Watson had expected to surrender Friday afternoon to the Federal Correctional Institution in Lompoc, California, before he received word of Trump granting him executive clemency, according to a source familiar with the situation.

Trump also commuted the sentence of one year of probation imposed on Ozy Media for the defunct news and entertainment company’s conviction in the same case.

Trump’s actions remove the criminal penalty imposed on Watson and Ozy.

Watson, 55, was convicted at trial in Brooklyn federal court last July of conspiracy to commit securities fraud, conspiracy to commit wire fraud, and aggravated identity theft. He was sentenced in December.

In February, a federal judge ordered Watson and Ozy to pay almost $60 million in forfeiture and more than $36 million in restitution.

Watson’s defense attorney, Arthur Aidala, declined to comment Friday when contacted by CNBC.

A spokesman for the Brooklyn U.S. Attorney’s Office, which prosecuted Watson, also declined to comment on the commutation of his sentence.

Glenn Martin, a criminal justice reform advocate, in a tweet on Friday wrote, “We did it,” above a photo of him and Watson.

“President Trump commuted the sentences of Ozy Media and Carlos Watson hours before his surrender,” the tweet said.

″@CarlosWatson is not going to prison today,” Martin wrote.

“First and foremost, thank God for His grace, mercy and the power of redemption. A very special note of appreciation to @AliceMarieFree,” he added, referring to his fellow criminal justice reform advocate Alice Marie Johnson.

“Your advocacy, compassion, and relentless pursuit of fairness have made this moment possible for people like Carlos.”

When Watson was sentenced, then-Brooklyn U.S. Attorney Breon Peace said, “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.”

Prosecutors said that Watson and his co-conspirators between 2018 and 2021 defrauded investors by misrepresenting Ozy’s financial performance, its ongoing business relationships and its acquisition prospects, as well as its contract negotiations.

Ozy abruptly shut down in October 2021, after The New York Times reported that the company’s chief operating officer, Samir Rao, had impersonated a YouTube executive on a conference call with Goldman Sachs.

The investment bank was considering a $40 million investment in Ozy at the time.


This post appeared first on NBC NEWS

previous post
Vast areas of Australia’s Queensland under water after ‘unprecedented’ flooding
next post
Tech 5: CoreWeave IPO Falls Short, OpenAI Close to Completing US$40 Billion Funding Round

Related Posts

Fortnite applies to launch on Apple’s App Store...

May 12, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 22, 2025

Amazon is stepping up to fill a gap...

May 2, 2025

FTC drops Biden-era suit accusing Pepsi of price...

May 24, 2025

Tesla’s law firm drafts Delaware bill that could...

February 20, 2025

Southwest Airlines will charge to check bags for...

March 12, 2025

Tariffs would be ‘catastrophic’ for sales of tequila...

February 14, 2025

Meta’s head of AI research announces departure

April 2, 2025

Netflix maintained its 2025 guidance. That may not...

April 22, 2025

WNBA files trademark application to bring back ‘Detroit...

February 3, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


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

    Recent

    • How a Trump-fueled brain drain could be the rest of the world’s brain gain

      June 2, 2025
    • Athletes, coaches and officials among 22 killed in road accident in northern Nigeria

      June 2, 2025
    • Poland’s presidential election on a knife edge after heated election, exit polls show

      June 2, 2025
    • Ukraine targets several Russian air bases in large-scale operation ‘Spiderweb’

      June 2, 2025
    • How protests over designer handbags threw Mongolia into political crisis

      June 2, 2025
    • Drone strikes ahead of Russia-Ukraine peace talks leave Trump’s credibility hanging by a thread

      June 2, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.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 © 2025 crazyflux.com | All Rights Reserved