Ozy Media is shutting down, amid fraud allegations

on securities fraud allegations, which was followed by a series of stories that shed a negative light on the company's business and management practices.Ozy told Axios earlier this year that it had 75 full-time employees, all of whom are now out of a job.provided Axios with the following statement:

, early investor Axel Springer says it gave up its board seat and voting rights in 2019, but Ozy listed an Axel rep as a director just three months ago in a filing with Florida regulators., while co-founder Samir Rao was asked to step down pending an outside law firm's investigation into his actions. Rao also has deleted his social media accounts in the past few days.

Emerson Collective, an early Ozy investor whose founder Laurene Powell Jobs once sat on the Ozy board, declined to comment on the shutdown.Axios has spoken with many current and former employees over the past week. Most of them insist that the company had a legitimate business with real revenue, but weren't shocked by the securities fraud allegations given some of Ozy's questionable business practices.

Source: News Formal (newsformal.com)

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