SEC charges Citron Research founder with $16 million in securities fraud
Andrew Left, the founder of the short-selling financial research company Citron Research, has been accused of securities fraud, allegedly earning $16 million through misleading retail investors with "bait and switch" stock recommendations.
The US SEC stated in a statement on July 26th that Left is a strong cryptocurrency skeptic who uses social media and television programs to make recommendations on stocks he holds short or long positions in. This creates an illusion that his public comments on these stocks are consistent with his company's trading activities, even though he often engages in "reverse operations."
The SEC added: "This fraudulent behavior deceives investors and allows Left to use his Citron Research reports and tweets as a catalyst for short-term profits." (Cointelegraph)
Earlier news, Andrew Left and Citron Capital were charged by the US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) for allegedly committing millions of dollars in fraud. Citron Research is reportedly one of the most famous short sellers of GameStop, announcing in June that it will no longer short GameStop.
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