Ozy Media is sued for by fraud by Beverly Hills fund that invested $2million
Ozy Media is sued for by fraud by Beverly Hills fund that invested $2million after being 'targeted' by co-founders Samir Rao and Carlos Watson LifeLine Legacy Holdings invested $2.2million in Ozy Media earlier this year The first investment was in February for $2million after both Watson and Rao approached bosses, according to a lawsuit filed Monday Rao told them that Goldman Sachs was 'positioned to make a substantial investment' Rao impersonated a Google executive on a call with Goldman Sachs to try to win the investment but was caught out and the bank never put up any money He didn't tell LifeLine about the call on February 2, and in May asked for money This time he said Google and/or its parent company Alphabet was investing $30million, and asked LifeLine for another $250,000 which it gave Watson claimed last week that Ozy was shutting down after the Goldman Sachs conference call was made public by the New York Times On Monday, he reversed his position and vowed to stay open 75 staffers who were fired by him just last week are refusing to return
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Ozy Media has been sued for fraud by a Beverly Hills fund manager which invested $2million into the media company earlier this year after being 'targeted' by co-founders Samir Rao and Carlos Watson.
LifeLine Legacy Holdings filed a fraud lawsuit against the company on Monday, claiming Rao and Watson knowingly lied to them to secure an investment of $2.2million earlier this year by claiming Google and Goldman Sachs were also investing in them when they weren't.
The lawsuit cites a recent New York Times expose about how Rao allegedly impersonated a YouTube executive on a conference
