Short-Seller Andrew Left Charged With Fraud!

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The activist short seller Andrew Left surrendered to authorities in Los Angeles on Monday to face federal criminal securities fraud charges, a spokesman for the U.S. Attorney’s Office there said.

Both the SEC and a federal grand jury in the Central District of California brought charges against Andrew Left a prominent activist short seller with multiple counts of securities fraud for a long-running market manipulation scheme reaping profits of at least $20 million.

As alleged in the indictment, Left commented on publicly traded companies, asserting that the market incorrectly valued a company’s stock and advocating that the current price was too high or too low. Left’s recommendations often included an explicit or implicit representation about Citron’s trading position—which the regulators claim created the false pretense that Left’s economic incentives aligned with his public recommendation—and a “target price,” which Left represented as his valuation of the company’s stock. Left is accused of working with hedge funds to short and distort stock prices.

Andrew Left became well known in 2021 as one of the hedge funds short GameStop stock.

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