Connect with us

Business

Former TV host gets almost 10 years in prison for fraud

Published

on

The founder of failed media and entertainment firm Ozy Media, Carlos Watson, has been sentenced to nearly a decade in prison for lying about the company to attract investors.
Prosecutors said the former MSNBC host and ex-Goldman Sachs banker had orchestrated a years-long scheme that resulted in “tens of millions of dollars” of losses for investors.
The court was told Watson and others at Ozy Media falsified information about the firm’s finances, relationships with celebrities and acquisition prospects to lure investors.
Watson continues to deny the allegations and says he plans to appeal the verdict.

United States District Judge Eric R Komitee sentenced Watson to 116 months in prison for conspiracy to commit securities fraud, conspiracy to commit wire fraud and aggravated identity theft.
“Carlos Watson orchestrated a years-long, audacious scheme to defraud investors and lenders to his company”, said Breon Peace, US 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”.
Watson will remain free for now on a $3m (£2.3m) bond.
He had pleaded not guilty but was convicted in July following an eight-week trial.
In court, Watson said he was a businessman who believed in what his company was doing and had put every effort into trying to make it a success.
His lawyer had argued that he was betrayed by his deputies who had acted on their own volition and hid their wrongdoing from him.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

The French winemaker whose wines are illegal in his home country

Published

on

By

Winemaker Maxime Chapoutier would be arrested if he tried to sell two of his newest wines in his native France.
“There would likely be outrage about these wines in France, and that would be a good thing,” he says. “Sometimes you need to be provocative to drive change.”
The two bottles in question, one white and one red, would be illegal in France because they are made from a blend of French and Australian base wines.
Under both French and European Union law it is forbidden to make a wine that combines EU and non-EU fruit. In France in particular, authorities take such things very seriously.
The French wine industry has a celebrated word called “terroir”, which applies to all the environmental factors that affect vines growing in a vineyard, such the soil, the climate, and the elevation. As a result, wines from a specific place are held in the highest esteem.
Add a strict appellation or classification system for France’s wine regions, and the thought of blending French and Australian wine to create a global hybrid would horrify many French wine lovers.
Yet Maxime has done just this, and it is all thanks to one word – Brexit.
For while he cannot sell the two wines in the EU, he can do so in the UK now that London no longer has to follow food and drink rules set by Brussels.

Continue Reading

Business

Musk, MrBeast, Larry Ellison – Who might buy TikTok?

Published

on

By

Jimmy Donaldson – aka MrBeast – was jubilant as he told his tens of millions of TikTok followers about his bid to buy the platform.
“I might become you guys’ new CEO! I’m super excited!” Donaldson said from a private jet. He then proceeded to promise $10,000 to five random new followers.
The internet creator’s post has been viewed more than 73 million times since Monday. Donaldson said he could not share details about his bid, but promised: “Just know, it’s gonna be crazy.”
Donaldson is one of multiple suitors who have expressed interest in purchasing TikTok, the wildly popular social media platform that’s become the subject of a fast-moving political drama in the United States.
Last year, then-President Joe Biden signed a law that gave TikTok’s China-based parent company ByteDance until 19 January to sell the platform or face a ban in the United States.

Continue Reading

Business

UnitedHealthcare names new boss after former CEO killed

Published

on

By

UnitedHealthcare has named a new boss almost two months after its then-chief executive Brian Thompson was shot and killed in New York.
Company veteran Tim Noel will take charge of the largest health insurer in the US, which has more than 50 million customers, at a critical moment.
Mr Thompson’s killing on 4 December in central Manhattan ignited a wide debate about how the US healthcare system operates.
Many Americans, who pay more for healthcare than people in any other country, have expressed anger over what they see as unfair treatment by insurance firms.
Mr Noel “brings unparalleled experience to this role with a proven track record and strong commitment to improving how health care works for consumers, physicians, employers, governments and our other partners,” UnitedHealthcare’s parent company UnitedHealth Group said.
A manhunt ensued for days as police worked to identify who was responsible in the December killing, which happened outside a Manhattan hotel where the CEO was staying.
After five days, Luigi Mangione, 26, was arrested in a McDonald’s restaurant in Pennsylvania after a worker called police.
Mr Mangione has pleaded not guilty to charges in the killing. He is facing 11 state criminal counts, including murder as an act of terrorism.
As well as the state-level charges, he is also accused of federal – national-level – stalking and murder offences that could lead to a death penalty sentence.
Prosecutors allege that Mr Mangione shot Mr Thompson before going on the run.

Continue Reading

Trending