NEW YORK: Ozy Media billed itself as “the New and the Next” as its charismatic cofounder, former MSNBC and CNN host Carlos Watson, attracted millions of dollars from investors on a promise to attract young, sophisticated audiences.
But on Wednesday, the once-buzzy company didn’t even have representation in court as it was arraigned on securities fraud and wire fraud charges.
There was confusion when representatives for the company were a no-show at its arraignment at a federal courthouse in Brooklyn. A judge had to enter a plea of “not guilty” on its behalf.
Outside the courtroom, a public defender who had been hurriedly assigned to represent the company at the hearing quickly tried to make sense of the case. She asked a journalist what Ozy did and what the case was about.
Later, she was excused from what is expected to be a complex and sprawling case involving hundreds of thousands of documents and allegations that the company’s executives misrepresented its financial standing and the size of its audience.
Founded in California’s Silicon Valley in 2013, Ozy marketed itself as a progressive digital platform, providing a place for fresh perspectives on news, culture entertainment, business and technology.
It published stories on a website, produced podcasts and TV shows and held an annual festival in New York’s Central Park that was a mix of big-name music performances and talks by public figures.
But prosecutors said that while the company initially successfully raised tens of millions of dollars to fund its growth, it got desperate as it began hemorrhaging money.
Between 2018 and 2021, prosecutors said, Ozy and its founders lied to investors about the company’s debts and other pertinent financial information. The SEC contends that Watson and his company defrauded investors of about $50 million.
The company shut down in 2021, a week after a report by the New York Times detailed an episode in which the company’s chief operating officer impersonated a YouTube executive during a pitch to Goldman Sachs, which had been considering infusing money into the media enterprise.
Federal prosecutors filed criminal charges in late February accusing Watson and the company of bilking investors. Watson was also charged with identity theft over the alleged impersonation of several media executives. He has pleaded not guilty.
The company’s former chief operations officer, Samir Rao, pleaded guilty last month, as did Ozy’s former chief of staff, Suzee Han. Both were released on bail to await sentencing.
It was unclear why the company has been unable to retain a lawyer. Watson’s attorney could not be reached for comment. The company ceased business operations last week.
Assistant US Attorney Jonathan Siegel told the judge that prosecutors wanted to proceed with the case and asked the judge to appoint a lawyer for the company until it can find an attorney of its own.
Embattled Ozy Media a no show in fraud case
https://arab.news/c9zcq
Embattled Ozy Media a no show in fraud case
- The once-buzzy company that attracted millions of dollars from investors didn’t even have representation in court as it was arraigned on securities fraud and wire fraud charges
Gems of Arabia magazine launched to spotlight talents shaping Saudi Arabia’s evolving cultural landscape
- The publication features established and emerging talents elevating the region across design, fashion, art, tech, music, architecture and media
- Saudi fashion designer Hatem Alakeel seeks to highlight the richness of the Kingdom, and wider modern Arab culture to global audiences
DUBAI: When Saudi fashion designer Hatem Alakeel interviewed Princess Reema bint Bandar Al-Saud before her appointment as Saudi ambassador to the US, the longtime advocate of women’s empowerment made a powerful prediction: “I look forward to the day that the Saudi woman is no longer the story but rather a phenomenal achievement.”
That moment would become the foundation for Gems of Arabia, an arts and culture audio-visual podcast that spotlights the creative talents shaping the landscape of Saudi Arabia and the broader region.
Over six years, Gems of Arabia has documented the sweeping transformation of the Kingdom’s art and culture scene, and is now evolving into a full-fledged magazine.
“It started off as a column I used to write, and from there, it turned into a podcast. Now it is growing into a magazine,” Dubai-based Alakeel, the magazine’s founder and editor-in-chief, told Arab News ahead of the launch of the digital publication on Thursday.
Besides spotlighting celebrated regional artists, Alakeel said Gems of Arabia is in search of the “hidden gems” elevating the region across design, fashion, art, tech, music, architecture and media.
The magazine serves as a platform for talented, authentic creatives and tech entrepreneurs unable to articulate their work “because they don’t have the public relations or capacity to promote themselves even through social media.”
Alakeel added: “Our job is to identify all these authentic people; you don’t have to be famous, you just have to be authentic, and have a great story to tell.”
The digital publication offers a dynamic blend of short-form podcasts, coverage of regional cultural events, in-depth features and editorials, long-form interviews and artist profiles — spotlighting both celebrated and emerging talents. This is complemented by social media vox pops and bite-sized coverage of art events across the region.
Alakeel, who also runs Authenticite, a consulting and creative production agency connecting creators and brands who want to understand Saudi culture, said the magazine content is “carefully curated” to feature topics and personalities that resonate in the region.
What differentiates Gems of Arabia, he said, is its story of continuity and substance amassed over the years that has captured the evolution of the wider regional landscape.
“The website represents an archive of nearly 150 articles compiled through years of podcasts and long-form conversations that show continuity and depth changes,” he said.
“So, it’s an evolution and it’s another home for all our content and our community.”
Growing up in France, Alakeel said his mission started early on when he felt the need to represent his Saudi culture “in a way where it can hold its own internationally.”
Through his first brand, Toby, he sought to bring the traditional thobe into modern designs and introduce it to the luxury fashion world. This mission was accomplished when his thobe designs were placed alongside global labels such as Harvey Nichols, Dolce & Gabbana and Prada.
What began as a personal design mission would soon expand into a broader platform to champion Saudi talent.
“I was articulating my culture through fashion and it just felt natural to do that through the incredible people that the region has,” Alakeel said, adding that the magazine aims to highlight the richness of the Kingdom, and wider modern Arab culture to global audiences.
“Art is such a great way of learning about a culture and a country,” he said.
On the ground in Saudi Arabia, the publication hosts GEMS Forum, a series of live cultural gatherings that bring together prominent artistic figures for in-depth conversations later transformed into podcast episodes recorded with a live audience.
Alakeel said the print edition of Gems of Arabia will debut in March, designed as a collectible coffee-table quarterly distributed across the Gulf.
He envisions the platform growing into a long-term cultural record.
“It's a Saudi-centric magazine, but the idea is to make it inclusive to the region and everyone authentic has a seat at the table,” said Alakeel.
