According to the indictment, Left established long or short positions in companies he commented on and profited from the resulting market movements
A federal grand jury in the Central District of California has indicted prominent activist short seller Andrew Left on multiple counts of securities fraud for an alleged market manipulation scheme that generated at least $16 million in profits.
The indictment accuses Left, 54, who moved from Beverly Hills, California, to Boca Raton, Florida, of engaging in fraudulent activities under the guise of his online persona "Citron Research." Known for his appearances on CNBC, Fox Business, and Bloomberg Television, Left used Citron to publish investment recommendations, often making sensational claims about the overvaluation or undervaluation of stocks. He allegedly manipulated stock prices by targeting companies popular with retail investors and exploiting his influence on social media.
According to the indictment, Left established long or short positions in companies he commented on and profited from the resulting market movements. He is accused of using short-dated options contracts to maximize his gains and placing limit orders to close his positions as soon as stock prices moved. Left allegedly misled the public by falsely representing his trading positions and concealing financial relationships with hedge funds.
Left faces charges including one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators. If convicted, he could face up to 25 years in prison for the securities fraud scheme count, 20 years for each securities fraud count, and five years for the false statements count.
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