Embattled Ozy Media Hit With First Investor Lawsuit Over Faked Fundraising Call

Embattled Ozy Media Hit With First Investor Lawsuit Over Faked Fundraising Call
In the first of what may well become a string of lawsuits against embattled Ozy Media, a fund manager that invested in the site accused it of fraud and asked for compensatory and punitive damages in a jury trial.

LifeLine Legacy Holdings of Beverly Hills, Calif., which put more than $2 million into the company co-founded and led by Carlos Watson, claimed in a lawsuit that Ozy had “engaged in fraudulent, deceptive and illegal conduct” when the firm was considering early this year whether or not to invest.

The suit (read in full here), filed in U.S. District Court for the Northern District of California where Ozy Media is based, is the latest shoe to drop in an unfolding scandal triggered by a New York Times story last Monday that revealed Ozy media co-founder Samir Rao had impersonated a YouTube executive on call with bankers from Goldman Sachs last February
See full article at Deadline »

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