Prominent short seller, Andrew Left, the founder of Citron Research was charged by a federal grand jury in Los Angeles for securities fraud. The Department of Justice alleges that Left made profits of at least $16mn from “a long-running market manipulation scheme.” In addition, the DoJ said, “Left knowingly exploited his ability to move stock prices by targeting stocks popular with retail investors and posting recommendations on social media to manipulate the market and make fast, easy money.” Each securities fraud count carries a maximum penalty of 20 years in prison and Left could face decades in prison if convicted. The SEC also filed a separate civil case seeking to recover $20 million from Left and his firm, Citron. https://www.ft.com/content/ad5fb0a7-7702-408f-98f7-1e3a4cb3e23d
U.S. Short Seller Charged with Fraud
