Crypto-skeptic Andrew Left of Citron Research charged with fraud
Activist short-seller Andrew Left of Citron Research, who regularly accused firms of securities fraud, has been charged with engaging in securities fraud. This indictment comes a little over two years after Left stated, “crypto is just complete fraud.” Alongside this indictment, the US Securities and Exchange Commission (SEC) has also filed a complaint that echoes similar allegations and charges him with violating federal securities laws. The US J US tice Department (DoJ) alleges he made at least $16 million and the SEC alleges he made approximately $20 million in ‘illegal trading profits.’ The alleged scheme involved Left issuing reports or tweets that encouraged his followers to either purchase or sell certain securities. He would also include a ‘price target’ that he expected the security to reach. When the prices started moving in response to the communications from Left, he would allegedly start unwinding his positions. This type of schem...