$BTC $ETH Citron Crypto-Skeptic Andrew Left to Face Fraud Charges
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The Citron crypto-skeptic, Andrew Left, could spend 25 years behind bars should he be convicted on all 18 fraud charges.
Andrew Left, the founder of short-selling financial research firm Citron Research, has been accused of securities fraud for allegedly profiting $16 million by making âbait and switchâ stock recommendations that mislead retail investors.
Left, a strong crypto-skeptic, used social media and TV appearances to make recommendations on stocks he had short or long positions in, the United States Securities and Exchange Commission alleged in a July 26 statement.
This created a false perception that his public comments on these stocks were in line with his companyâs trading activity â though in many cases, he would do the opposite.Â
âLeft bought back stock immediately after telling his readers to sell, and he sold stock immediately after telling his readers to buy.â
âThis fraudulent practice deceived investors and allowed Left to use his Citron Research reports and tweets as catalysts from which he could derive short-term profits,â the regulator added.
The SEC alleges that Citron and Left engaged in illegal trades and attempted to manipulate the market between March 2018 and December 2023, filing the case in the US District Court Central District of California.
There were 26 trades made from 23 companies, including Nvidia, American Airlines, Alibaba, Meta (formerly Facebook) and X (formerly Twitter and
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now not publicly traded).