Former TV host Carlos Watson testifies in trial over downfall of Ozy Media

In a federal criminal trial surrounding the collapse of Ozy Media, former TV host Carlos Watson took the witness stand and denied scheming to deceive the backers of the once high-flying startup. Watson refuted charges of aggravated identity theft and conspiracy to commit wire fraud, emphasizing that the company's financial challenges were common for new businesses. He admitted to not being as hands-on as he desired due to a high volume of unread emails and highlighted that Ozy's financial figures were subject to change and not audited, signaling a risk for investors. Prosecutors alleged that Ozy Media misrepresented its financial situation to outsiders by presenting conflicting internal records and external presentations. Watson defended the company's valuation methods, explaining that revenue was determined based on counterparts' charges and then halved for caution. Despite facing challenges, Ozy launched its website and newsletters in 2013 with a focus on being different from other new-media companies, as Watson testified to the jury. The courtroom proceedings intensified when a dispute arose over a document that prosecutors sought to present, leading to a heated exchange between the defense and the judge. Watson's testimony shed light on Ozy's operations and the challenges it faced, portraying the company's actions as part of the typical uncertainties experienced by startups. The trial continues as the defense and prosecution present their arguments regarding the collapse of Ozy Media and the allegations against Watson. As the key defense witness, Watson's testimony provided insights into Ozy Media's financial practices and the circumstances surrounding its downfall. The trial highlighted the complexities of startup ventures and the legal scrutiny they face, underscoring the importance of transparency and accountability in business operations. The jury will weigh the evidence presented as they deliberate on the charges against Watson and the implications for Ozy Media's former stakeholders.