Ozy Media founder Carlos Watson has been sentenced to nearly ten years in prison for lying about his once-fashionable startup to attract investors.

Prosecutors said the former Goldman Sachs banker and former MSNBC host orchestrated a years-long scheme that resulted in "tens of millions of dollars" in losses for investors.

The court was told that Watson and others at Ozy Media had misrepresented the company's finances, celebrity relationships and acquisition opportunities to attract investors.

Watson denies the allegations and says he plans to appeal the decision.

United States District Judge Eric R Komitee sentenced Watson to 116 months in prison for conspiracy to commit securities fraud, conspiracy to commit wire fraud and aggravated identity theft.

"Carlos Watson orchestrated a bold, years-long scheme to defraud investors and lenders to his company," said Breon Peace, US Attorney for the Eastern District of New York.

"His incessant and deliberate lies showed not only a strong disregard for the rule of law, but also contempt for the values ​​of honesty and fairness".

Watson will currently remain free on a $3m (£2.3m) bond.

He had pleaded not guilty but was convicted in July after an eight-week trial.

In court, Watson said that he was a businessman who believed in what his company was doing and had made every effort to make it successful.

His lawyer had argued that he was betrayed by his deputies who acted on their own accord and hid it from him.

Quick update on Ozy Media rating began in 2021 when a New York Times investigation found that one of its directors impersonated a YouTube representative during a call with investment banking giant Goldman Sachs.

Watson blamed the deception on what he described as his deputy's mental health issues. He said no harm was caused because Goldman Sachs ultimately did not decide to invest.

In court filings, prosecutors said Watson was present during the call and instructed his deputy on what to say, despite his denials​​​​ to the media that he was there.

Ozy Media aimed to emulate the early success of digital media startups like Vice Media and Buzzfeed.

It produced leftist podcasts, television series and events, and images of rising stars and emerging movements. In 2020, he was valued at $159m (£132m).

The company hit by scandal announced in October 2021 that it would close down.