A federal grand jury in California has charged activist short seller Andrew Left with multiple counts of securities fraud for a $16 million stock market manipulation scheme.
Read this before you buy new paint. Consumer Reports just tested gallons of it to find the best for your buckFILE - The Department of Justice seals is seen during a news conference at the Department of Justice in Washington, Tuesday, May 16, 2023. A federal grand jury in California has charged activist short seller Andrew Left with multiple counts of securities fraud, Friday, July 26, 2024, for a $16 million stock market manipulation scheme.
If convicted, Left faces a maximum penalty of 25 years in prison on the securities fraud scheme count, 20 years in prison on each securities fraud count, and five years in prison on the false statements count. The indictment further alleged that before Citron would publish its commentary, Left would create long or short positions in a public company on which he was commenting in his trading accounts and prepared to quickly close those positions after Citron's publication and take profits on the short-term price movement caused by his commentary.
“Andrew Left took advantage of his readers. He built their trust and induced them to trade on false pretenses so that he could quickly reverse direction and profit from the price moves following his reports,” Kate Zoladz, Director of the SEC’s Los Angeles Regional Office, said in a statement.
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