Federal prosecutors have criminally charged well-known short seller Andrew Left of Citron Capital. Analyst Andrew Left and Citron Capital have been accused of securities fraud. He profited illegally, using his public platforms to manipulate the stock market. The Securities and Exchange Commission (SEC) sued him for a multimillion-dollar, multi-year scheme that defrauded his web fans.
Andrew Left lives in Boca Raton, Florida. The US attorney’s office in Los Angeles said that Left is expected to be arraigned in federal court in the next few weeks. He has declined to comment on the charges, but his lawyer defended his client and suggested that he worked within the law.
Many leading companies in the US have been affected by his short-selling positions or his comments and influence on web fans through his platforms. This has led to financial gains for Andrew Left, Citron, and hedge funds, which profited from his dissemination of information.
He allegedly coordinated with some hedge funds before posting reports and information on his social media platform, then called Twitter, now called X.
The indictment says that the hedge funds profited as they received the information before it was publicly posted. They paid Left a portion of the profits the funds made while trading after using the information in his planned announcements.
Some of the companies that were affected by Andrew Left’s posts on social media as an influencer as well as a short seller include
Beyond Meat
Nvidia (NVDA)
Tesla (TSLA)
Twitter, now called X
Meta (META)
Roku
American Airlines
Palantir
General Electric
GameStop and others.
Andrew Left of Citron Capital faces 19 criminal counts, including one of engaging in a securities fraud scheme, one of making false statements to federal investigators, and 17 of securities fraud. If convicted by federal court, he can face up to 25 years in prison for only the securities fraud scheme.
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