Today, Ozy Media founder Carlos Watson was arrested and charged with fraud. The charges stem from an investigation by the FBI into allegations of fraud and embezzlement.
According to the Wall Street Journal, Watson was arrested after a former executive of Ozy Media led authorities to evidence of fraud. Watson is accused of misappropriating funds from the company and using them for personal gain.
The New York Times reports that Watson was taken into custody and is currently being held in a federal prison. He is facing charges of fraud, embezzlement, and money laundering.
Fox News reports that the arrest of Watson comes at a time of economic uncertainty in the United States. The US economy has been slowing down, with consumer spending declining and economic growth revised lower.
The arrest of Watson has sent shockwaves through the media industry and the business world. It remains to be seen what impact this will have on Ozy Media and the wider business community.
View Full Coverage on USNN for more information on this developing story.