Ozy Media on Wednesday said it was suspending operations, days after founder Carlos Watson was indicted on federal fraud charges. The company announced in a tweet that it was shutting down after a determination by its board of directors.
“In light of its current operational and legal challenges, the OZY board has determined that it’s in the best interests of its stakeholders to suspend operations immediately,” the company said.
The federal indictment against Watson reveals how the media mogul and his partners forged documents, faked financials and impersonated media executives to enrich themselves while keeping the struggling company afloat.