Citron Research Founder Pleads Not Guilty to Securities Fraud Charges, Faces $5 Million Bond
Andrew Left , the founder of Citron Research, has pleaded not guilty to a series of federal securities fraud charges.
These allegations, brought by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC), accuse Left of manipulating stock markets for personal gain and misleading investors.
The charges against Left stem from allegations that he manipulated stock market activity for personal profit. The indictment, issued by a grand jury last week, includes 19 criminal counts.
Left is accused of using his public platform, which included social media posts on X (formerly Twitter) and appearances on CNBC, to make illegal profits of at least $16 million.
He allegedly engaged in trading activities, contradicting his public stock price positions. The indictment involved major firms such as Nvidia, Tesla, Twitter, Meta, Roku, Beyond Meat, American Airlines, Palantir, XL Fleet, Invitae, and General Electric.
Prosecutors claim Left’s manipulative practices were particularly effective in influencing retail investors, leading to substantial profits for himself through deception.
The Securities and Exchange Commission (SEC) has charged prominent activist short seller Andrew Left and his firm, Citron Capital, with orchestrating a $20 million fraud scheme.https://t.co/Cb90bQjRO2
— Cryptonews.com (@cryptonews) July 29, 2024
The SEC’s civil complaint is based on these accusations, alleging that Left and Citron Research engaged in a $20 million multi-year scheme to defraud followers by publishing false and misleading statements regarding stock trading recommendations .
The SEC claims that Left would make public recommendations to buy or sell stocks and then execute trades contrary to his advice,
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