Andrew Left, founder of Citron Research, a sell short financial research firm, has been charged with securities fraud after allegedly making $16 million on "bait and switch" stock recommendations that misled retail investors.
In a statement on July 26, the SEC said that Left was a strong cryptocurrency skeptic who used social media and TV shows to advise on stocks in which he held short or long positions. This created the illusion that his public comments on those stocks were consistent with his company's trading activities, although in many cases he would "do the opposite".
The SEC added: "This fraud defrauded investors and allowed Left to use his Citron Research reports and tweets as catalysts for short-term profits." (Cointelegraph)
Previously, Andrew Left and Citron Capital were charged by the Securities Exchange Commission (SEC) and the Department of Justice (DOJ) for alleged multi-million dollar fraud. It is reported that Citron Research, one of the most famous sellers of GameStop, announced in June this year that it would no longer short GameStop.
SEC charges Citron Research founder with $16 million in securities fraud
2024-07-29 03:36:25
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