Short Seller Andrew Left Charged with $16M Stock Fraud
A federal grand jury in California has indicted short seller Andrew Left on multiple counts of securities fraud, alleging his involvement in a $16 million stock market manipulation scheme. Left, known for his roles as a securities analyst, trader, and guest commentator on networks like CNBC and Fox Business, faces 17 counts of fraud and one count of making false statements to federal investigators. If convicted, he could face up to 25 years in prison.
In a separate action, the Securities and Exchange Commission (SEC) has charged Left and his firm, Citron Capital, with a $20 million fraud scheme that allegedly used "bait and switch" tactics to mislead investors. The SEC's complaint seeks disgorgement, prejudgment interest, and civil monetary penalties. The indictment claims Left manipulated stock prices by targeting retail investors and disseminating misleading recommendations on social media. Left, a 54-year-old resident of Boca Raton, Florida, is expected to be arraigned in Los Angeles federal court soon.
