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Home News

Activist Indicted for $16M Stock Fraud

July 26, 2024
Reading Time: 2 mins read
in News
Activist Indicted for $16M Stock Fraud

Andrew Left, a prominent activist short seller, has been indicted for a $16 million market manipulation scheme. The federal grand jury in California charged Left with multiple counts of securities fraud and making false statements to investigators. Left, who operated under the name “”Citron Research,”” allegedly used his platform to spread misleading stock recommendations to profit from market movements.

According to the indictment, Left manipulated stock prices by creating sensationalized content and false recommendations on his Citron Research platform. He is accused of establishing trading positions before publishing his commentary and then profiting from the resulting price changes. This included using options contracts and making misleading statements to the public about his trading positions and financial relationships.

Left also allegedly concealed financial ties with a hedge fund, fabricating invoices and making false statements to law enforcement about Citron’s financial dealings. His actions reportedly included falsely claiming independence and lack of conflicts of interest, while secretly coordinating with hedge funds to maximize his profits.

The case highlights the Justice Department’s commitment to addressing market manipulation and financial fraud. If convicted, Left faces a maximum of 25 years in prison for the securities fraud scheme count, 20 years for each securities fraud count, and five years for making false statements. The investigation was conducted by the FBI and the U.S. Postal Inspection Service, with prosecution led by a team of federal attorneys.

Reference:

  • Activist Short Seller Indicted for $16M Market Manipulation Scheme
Tags: CaliforniaCyber NewsCyber News 2024Cyber threatsFraudJuly 2024market manipulation
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