New York CNN —Federal prosecutors in California on Friday charged prominent investor Andrew Left with multiple counts of securities fraud involving “a long-running market manipulation scheme” yielding at least $16 million in profit.
Short-sellers, including Left, often present themselves as researchers sniffing out misleading or fraudulent businesses through independently published reports on their targets.
Left, 54, was charged with one count of engaging in a securities fraud scheme, 17 counts of securities fraud, and one count of making false statements to federal investigators.
Each securities fraud count carries a maximum prison sentence of 20 years.
Separately, the SEC on Friday accused Left and his firm of running a $20 million scheme to defraud his social media followers by publishing false and misleading reports.
Persons:
Andrew Left, “, Citron, Left, ” Citron, ”
Organizations:
New, New York CNN, Federal, Justice, Left, Citron Research, Enron, Securities and Exchange Commission, SEC
Locations:
New York, California